Mid-term downtrend is no doubt, but in this phase of the market a development of corrective upswing is quite possible in direction of the pivot-zone 109.030-109.160. By the end of trading session on June 04, 2019 we see the forming of reversal-bar, that can indicate a short-term profit capture at current levels.
Let’s note, that in case the correction scenario will run, traders can again sell out the pair from the 109.030-109.160 zone.
Local market at this moment consolidates in the 108.016-108.278 range. It’s obvious, that this accumulation is going to be broken shortly and we’ll see a new active phase of distribution in the same direction. Bears keep the advantage so far, therefore it won’t be surprising if the major slumps once again.
Main scenario: Break of the 108.016-108.278 range to the downside with following decline of the quotes in direction 107.500.
Alternative scenario: Break of the 108.016-109.278 range to the upside with following growth of the quotes in direction 109.030.
Trading to break the 108.016-108.278 channel. It’s possible to set buystop and sellstop orders.