Estimated pivot point is at the level of 110.90.
Analysis: Supposedly, a descending correction in a form of the wave ii within the wave C of senior level has finished forming. Apparently, the third wave iii of C has started developing locally, with the wave (i) continuing to develop within. If this assumption is correct, the pair will go on growing to a level of 114.36. The level 110.93 is critical in this scenario.
Alternative scenario: Breakout and consolidation below the level of 110.90 will allow the pair to continue declining to the levels of 110.30 – 109.90.
Our opinion: Buy the pair from corrections above the level of 110.90 with a target at 114.36.