Estimated pivot point is at the level of 113.88.
Analysis: Presumably, the formation of the wave (С) of the senior level continues. Locally, it is likely that the upward correction as the second wave ii has completed and the third wave iii is being formed, within which an impetus is being developed as the wave (i). If this assumption is correct, the pair may continue to decline to 112.50 – 111.65. Critical level for this scenario is 113.88.
Alternative scenario: Breakout and consolidation of the price above the level of 113.88 will trigger further rise in the pair up to 114.48.
Our opinion: Sell the pair from correction below the level of 113.88 with the target of 112.50 – 111.65.