Estimated pivot point is at a level of 112.02.

Main scenario: long positions will be relevant above the level of 112.02 with a target of 114.73 – 115.77.

Alternative scenario: Breakout and consolidation below the level of 112.02 will allow the pair to continue declining to a level of 110.84.

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 third wave of junior level  iii of 3 has started developing, with a counter-trend impetus (i) forming inside. If the presumption is correct, the pair will continue to rise to the levels of 114.73 – 115.77. The level 112.02 may be critical in this scenario.