For the moment the drop is a little over 390 pips and is at 23.6% Fibo of the rally that began on 22nd February 2017.
The impulse rally has very clearly formed 1-2-3 (blue) waves, and that means that the current drop is part of the development of the fourth wave. I think we could expect a drop to around 1.1480, which is 38.2% Fibo of the impulse rally of the third wave. It’s still hard to tell what form the fourth wave will take – after it develops at least partially that will become clearer.
Either way, the pair has not stopped moving to the upside, and I think that after the end of the correction the rally will be renewed. Of course, this is just one of the possible scenarios, but I think it is the most probable one.