Main scenario: consider long positions from corrections above the level of 112.75 with a target of 116.00 – 118.00.
Alternative scenario: breakout and consolidation below the level of 112.75 will allow the pair to continue declining to the levels of 110.83 – 109.12.
Analysis: daily chart: there’s an ascending wave of larger degree C that presumably has started forming. The third wave 3 of (1) of С is unfolding as part of the wave C. H4 chart: a correction is completed as wave ii of 3, and wave iii of 3 is forming. Apparently, the fifth wave of smaller degree (v) of iii started forming on the H1 chart, with wave i of (v) formed and a corrective wave ii of (v) developing inside. If the presumption is correct, the pair will continue to rise to the levels of 116.00 – 118.00 after the correction is completed. The level of 112.75 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 110.83 – 109.12.