Estimated pivot point is at the level of 112.12. 

Analysis: Presumably, the formation of the downward correction continues as the wave ii within the wave C of the senior level. Locally, it is likely that the wave (c) is being developed, within which the upward correction of the junior level ii of (c) is nearing completion. If this assumption is correct, the pair can continue to decline to 109.50. Critical level for this scenario is 112.12. 

Alternative scenario: Breakout and consolidation of the price above the level of 112.12 will trigger further rise in the pair up to 112.80. 

Our opinion: Sell the pair from correction below the level of 112.12 with the target of 109.50. 



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