Main scenario: consider long positions from corrections above the level of 114.31 with a target of 117.80 – 119.00.
Alternative scenario: breakout and consolidation below the level of 114.31 will allow the pair to continue declining to the levels of 112.90 – 111.92.
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 forming, with wave (v) of iii developing as its part. Apparently, the third wave of smaller degree iii of (v) is forming on the H1 chart. If the presumption is correct, the pair will continue to rise to the levels of 117.80 – 119.00. The level of 114.31 is critical in this scenario as a breakout will enable the pair to continue falling to the levels of 112.90 – 111.92.