The wave C of the higher level is developing, within it the first wave 1 of C has formed, and downward correction is developing as a wave 2 of C. At the moment the wave a of 2 has formed, and the upward correction of the lower level is developing as a wave b of 2. If the assumption is correct, the pair will grow to the levels of 113.00–113.31. The level of 111.88 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 111.88 with the targets at 113.00–113.31.
Alternative scenario
The breakdown and the consolidation of the price below the level of 111.88 will let the pair go down to the level of 111.00.