Estimated pivot point is at a level of 114.75.

Our opinion: Sell the pair from corrections below the level of 114.75 with a target at 110.18.

Alternative scenario: Breakdown and consolidation above the level of 114.75 will allow the pair to continue rising to a level of 116.80.

Analysis: Supposedly, an ascending impetus within the wave A in the correction of senior level (B) continues to form. Apparently, the third wave iii of A has finished developing locally, and a drop under correction in the fourth wave is starting. If the assumption is correct, the pair is logically expected to decline to the level of 110.18. The level of 114.75 is critical in this scenario.



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