Estimated pivot point is at the level of 110.68.
Analysis: Presumably, the formation of the upward correction as the second wave of the senior level ii has completed and the third wave is being developed. Locally, it seems that the downward impetus as the wave (i) of iii has been formed. If this assumption is correct, the pair may rise up to 112.30 – 112.90 as part of the correction. Critical level for this scenario is 110.68.
Alternative scenario: Breakdown and consolidation of the price below the level of 110.68 will trigger further decline in the pair up to 109.50 – 109.00.
Our opinion: Buy the pair from correction above the level of 110.68 with the target of 112.32 – 112.90. In case of breakdown of the level of 110.68, sell with the target of 109.50 – 109.00.