Estimated pivot point is at the level of 112.68.
Analysis: Supposedly, an ascending trend in a form of the third wave iii within the wave C of senior level continues forming. Apparently, a downward correction in a form of the third wave (iv) is nearing completion. If the presumption is correct, the pair may continue growing to the levels of 115.00 – 116.00. The level 112.68 is critical in this scenario.
Alternative scenario: Breakout and consolidation below the level of 112.68 will allow the pair to continue declining to a level of 110.90.
Our opinion: Buy the pair from corrections above the level of 112.68 with a target of 115.00 – 116.00. Sell the pair with a target at 110.90 in case the level 112.68 is broken.