Estimated pivot point is at the level of 111.96.
Analysis: Presumably, the formation of the downward correction continues as the wave ii in the wave C of the senior level. Locally, it is likely that the upward correction has completed as the wave (b) of ii of C and the wave (c) is being developed. If this assumption is correct, the pair can continue to decline to 110.25 – 109.40. Critical level for this scenario is 111.96.
Alternative scenario: Breakout and consolidation of the price above the level of 111.96 will trigger further rise in the pair up to 112.80.
Our opinion: Sell the pair from correction below the level of 111.96 with the target of 110.25 – 109.40.