The wave C of the higher level, within which the first wave i of C has formed, is developing. At the moment the downward correction is developing as a second wave ii of C, within which the wave (c) of ii is forming. If the assumption is correct, the pair will fall to the level of 111.90. The level of 113.90 is critical for this scenario.
Short positions will become relevant during the correction, below the level of 113.90 with the target at 111.90.
The breakout and the consolidation of the price above the level of 113.90 will let the pair grow to the level of 116.00 and further.