Estimated pivot point is at the level of 113.03. 

Analysis: Presumably, the formation of the upward impetus as the first one-two wave of the junior level (i) is being formed in the wave C of the senior level. Locally, it is likely that the downward correction as the wave (ii) is being developed. If this assumption is correct, the pair can continue to decline to 111.15 – 110.60. Critical level for this scenario is 113.03. 

Alternative scenario: Breakout and consolidation of the price below the level of 113.03 will trigger further rise in the pair up to 114.00 – 114.50. 

Our opinion: Sell the pair from correction below the level of 113.03 with the target of 111.15 – 110.60. 



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