The wave C of the higher level, within which the first wave i of C has formed, and the local correction ii of C has ended. At the moment the development of the third wave iii of C, within which the wave (i) has formed, has begun. If the assumption is correct, the price will grow to the levels of 115.00–116.00. The level of 111.60 is critical for this scenario.
Long positions will become relevant during the correction, above the level of 111.60 with the targets at 115.00–116.00.
The breakdown and the consolidation of the price below the level of 111.60 will let the pair go down to the level of 110.35.