A descending trend is strong. Short-term growth is possible.
Assumingly, a downward impulse in the third wave of the senior level continues forming. At present, an ascending correction in the fourth wave (iv) of iii seems to be developing, within which a flat is expected to form. If the assumption is correct, in the short-term the pair is likely to grow to 115.00. Critical for this scenario is the level of 112.20.