Estimated pivot point is at the level of 111.46.
Analysis: Presumably, the formation of the third wave iii of the senior level continues. Locally, it is likely that the upward correction (ii) has completed and the third wave (iii) of the junior level is being formed. If this assumption is correct, the pair may continue to decline to 109.00. Critical level for this scenario is 111.46.
Alternative scenario: Breakout and consolidation of the price above the level of 111.46 will trigger further rise in the pair up to 112.65 – 113.26.
Our opinion: Sell the pair from correction below the level of 111.46 with the target of 109.00. In case of breakdown of the level of 111.46, buy with the target of 112.65 – 113.26.