A downward trend is strong.
Assumingly, a downward impulse in the third wave of the senior level continues forming. At present, an upward correction in the fourth wave (iv) of iii seems to be developing that will probably take a form of a flat. If the assumption is correct, in the short-term there is a probability the pair will grow to 114.00, 114.90. Critical for this scenario is the level of 111.00.