Main scenario: consider long positions from corrections above the level of 113.45 with a target of 117.80 – 119.00.
Alternative scenario: breakout and consolidation below the level of 113.45 will allow the pair to continue declining to the levels of 110.81 – 108.80.
Analysis: an ascending wave of larger degree C has presumably started forming on the daily chart, with the third wave 3 of (1) of С unfolding as its part. On the H4 chart, there’s wave iii of 3 formed, a local correction completed as wave iv of 3, and wave v of 3 developing. Apparently, the first wave of smaller degree (i) of v is formed on the H1 chart. If this assumption is correct, the pair will continue to rise to 117.80 – 119.00 once the corrective wave (ii) of v is completed. The level of 113.45 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 110.81 – 108.80.