The wave C of the higher level, within which the third wave iii of C is forming, is developing. At the moment the development of the correction as a wave (ii) of iii has ended, and the third wave of the lower level ( iii ) of iii is forming. If the assumption is correct, the pair will grow to the levels of 115.50–116.00. The level of 112.94 is critical for this scenario.
Long positions will become relevant during the correction, above the level of 112.94 with the targets at 115.50–116.00.
The breakdown and the consolidation of the price below the level of 112.94 will let the pair go down to the level of 111.60.