Estimated pivot point is at the level of 114.26.

Analysis: Presumably, the formation of the wave (С) of the senior level continues. Locally, it is likely that the formation of the upward correction as the second wave continues, within which the wave (c) of ii is being formed. If this assumption is correct, the pair may continue to rise up to 116.50. Critical level for this scenario is 114.26. 

Alternative scenario: Breakout and consolidation of the price below the level of 114.26 will trigger further decline to 111.65. 

Our opinion: Buy the pair from correction above the level of 114.26 with the target of 116.50. 


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