Estimated pivot point is at a level of 111.98.

Main scenario: long positions will be relevant above the level of 111.98 with a target of 114.50 – 114.95.

Alternative scenario: Breakout and consolidation below the level of 111.98 will allow the pair to continue declining to a level of 110.16.

Analysis: Supposedly, the wave C of senior level continues to develop in the 4-hour time frame, with the wave 3 of C forming inside. Apparently, the first wave of junior level i of 3 is developing at the moment, with the wave (iii) forming inside.If the presumption is correct, the pair will continue to rise to the levels of 114.50 – 114.95. The level 111.98 is critical in this scenario.