The wave C of the higher level is developing, within it the first wave 1 of C has formed, and the downward correction has ended as a wave 2 of C. At the moment the reversal has formed. If the assumption is correct, the pair will grow to the levels of 112.87–113.32. The level of 111.00 is critical for this scenario.
Long positions will become relevant during the correction, above the level of 111.00 with the targets at 112.87–113.32.
The breakdown and the consolidation of the price below the level of 111.00 will let the pair go down to the level of 110.16.