Estimated pivot point is at the level of 110.90.
Analysis: Presumably, the formation of the third wave iii continues in the wave C of the senior level. level. Locally, it is likely that the third wave of the junior level (iii) is being developed, within which the correction ii of (iii) is nearing completion. If this assumption is correct, the pair can continue to rise up to 114.36. Critical level for this scenario is 110.90.
Alternative scenario: Breakout and consolidation of the price below the level of 110.90 will trigger further decline in the pair up to 109.90 – 108.80.
Our opinion: Buy the pair from correction above the level of 110.90 with the target of 114.36. In case of breakdown at the level of 110.90, sell with the target of 109.90.