Estimated pivot point is at the level of 114.36.
Analysis: Presumably, the formation of the upward impetus as the first one-two (i) has completed in the wave C of the senior level. Locally, it is likely that the downward correction as the wave ii of C is being developed. If this assumption is correct, the pair can continue to decline to 111.20 – 110.50. Critical level for this scenario is 114.36.
Alternative scenario: Breakout and consolidation of the price above the level of 114.36 will trigger further rise in the pair up to 115.30.
Our opinion: Sell the pair from correction below the level of 114.36 with the target of 111.20 – 110.50.