The wave C of the higher level, within which the third wave iii of C is forming, is developing. At the moment the price is in the correction within the wave (ii) of iii. If the assumption is correct, the pair will grow to the levels of 115.00–116.00 after the end of the correction. The level of 112.58 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 112.58 with the targets at 115.00–116.00.
Alternative scenario
The breakdown and the consolidation of the price below the level of 112.58 will let the pair go down to the level of 111.60.