Estimated pivot point is at the level of 110.20.
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 108.00. Critical level for this scenario is 110.20.
Alternative scenario: BBreakout and consolidation of the price above the level of 110.20 will trigger further rise in the pair up to 112.65 – 113.26.
Our opinion: Sell the pair from correction below the level of 110.20 with the target of 108.00.