Estimated pivot point is at the level of 110.25.
Analysis: Presumably, the formation of the downward correction as the wave ii in the wave C of the senior level is being developed. Locally, it is likely that the downward impetus as the wave (a) of ii of C has completed. If this assumption is correct, the pair can continue to rise up to 112.30 – 112.80 within correction. Critical level for this scenario is 110.25.
Alternative scenario: Breakout and consolidation of the price below the level of 110.25 will trigger further decline in the pair to 109.40.
Our opinion: Buy the pair from correction above the level of 110.25 with the target of 112.30 – 112.80.