Estimated pivot point is at the level of 110.20. 

Analysis: Supposedly, a downtrend continues forming within the third wave iii of senior level. Apparently, the third wave (iii) of junior level is developing locally, with an ascending correction iv of (iii) nearing completion inside. If the presumption is correct, the pair will logically continue to drop to the level of 107.50. The level 110.20is critical in this scenario. 

Alternative scenario: Breakout and consolidation above the level of 110.20 will allow the pair to continue the rise up to the levels of 112.65 – 113.26. 

Our opinion: Sell the pair from corrections below the level of 110.20 with a target at 107.50. 

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