The upward trend is in force.
Presumably, the higher level C wave is forming, within the framework of which the first wave i is developing. At the moment, the third wave of the lower level (iii) of i is forming. If the assumption is true, it is logical to expect the pair to rise to 114.00-114.50. The level of 111.13 is critical for this scenario.
Main scenario
Buy during corrections, above the level of 111.13 with a target in the range of 114.00-114.50.
Alternative scenario
Breakdown of the level of 111.13 will allow the pair to continue the decline to the levels of 109.94-109.34.
Presumably, the higher level C wave is forming, within the framework of which the first wave i is developing. At the moment, the third wave of the lower level (iii) of i is forming. If the assumption is true, it is logical to expect the pair to rise to 114.00-114.50. The level of 111.13 is critical for this scenario.
Main scenario
Buy during corrections, above the level of 111.13 with a target in the range of 114.00-114.50.
Alternative scenario
Breakdown of the level of 111.13 will allow the pair to continue the decline to the levels of 109.94-109.34.