Estimated pivot point is at the level of 113.88.

Our opinion: Sell the pair from correction below the level of 113.88 with the target of 110.18.

Alternative scenario: Breakout and consolidation of the price above the level of 113.88 will trigger the rise up to 115.14 – 116.80.

Analysis: Presumably, the formation of the upward correction (B) of the senior level continues. Locally, it is likely that the third wave iii of A has completed, while downward correction begins in the fourth wave. If this assumption is correct, the pair will continue to decline to 110.18. Critical level for this scenario is 113.18.



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