Estimated pivot point is at the level of 110.43. 

Analysis: Supposedly, a descending correction in a form of the wave B of senior level has finished forming. Apparently, a wave C has started developing locally with a counter-trend impetus in a form of a wave (i) of junior level forming inside. If this assumption is correct, the pair will go on growing to the level of 112.25 and higher. The level 110.43 is critical in this scenario. 

Alternative scenario: Breakout and consolidation below the level of 110.43 will allow the pair to continue declining to a level of 109.60.

Our opinion: Buy the pair from corrections above the level of 110.43 with a target at 112.25 and higher. 

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