A downward trend is strong.
Wave C of 4 in a large correction continues forming. At present, the final fifth wave v of C seems to be forming, within which a Bearish impulse is developing. If the assumption is correct, the fall will continue towards 108.50. Critical for this scenario is the level of 115.10.
Sell the pair below the level of 115.10 with the target at 108.50.
The breakout and consolidation above the level of 115.10 would allow the pair to grow to 121.70 and above.