Estimated pivot point is at the level of 108.80. 

Analysis: Supposedly, a descending correction as a wave ii has completed forming within a wave C of senior level. Apparently, a one-two impetus of junior level has formed locally as the first wave i. If this assumption is correct, after the correction is completed the pair will go on growing to the level of 114.36. The level 108.80 is critical in this scenario. 

Alternative scenario: Breakout and consolidation below the level of 108.80 will allow the pair to continue declining to a level of 107.00. 

Our opinion: Buy the pair from corrections above the level of 108.80 with a target at 114.36. 

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