Estimated pivot point is at the level of 1.1250.
Our opinion: Sell the pair from correction below the level of 1.1250 with the target of 1.1014.
Alternative scenario: Breakout and consolidation of the price above the level of 1.1250 may trigger further rise in the pair up to 1.1427.
Analysis: Presumably, the formation of the wave c of 2 of the senior level continues. Locally it is likely that the third wave (iii) is being developed, within which the third wave of the junior level iii of (iii) is being formed. If this assumption is correct, the pair may continue to decline to 1.1014. Critical level for this scenario is 1.1250.