Daily chart: the pair is only one step away from strategic support in 109.00 region, if it will be broken, there were no obstacles on the way towards 105.00. ADX is ramping up and close to trending state.
Н4: there is the same situation but with oversold market. However, considering such strong bearish pressure, bulls won’t be able to change anything.
Н1: here we are observing lower Bollinger envelope breakout along with growing trend ADX. We may consider setting sell limit orders in resistance region in case of pinbar.
Core scenario – continuing decline breaking 108.96 and aiming at 108.00
Alternative scenario – preliminary rollback to 109.57 region, from there we may see mid-term decline towards 105.00
1. Consider setting sell limit orders from 109.57
2. Those who prefer aggressive trading may look for downside entries.
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