Bearish inside bar was formed from strong dynamic resistance 109.31 (upper Bollinger band) yesterday, which can be considered a potential trigger for new drop of the quotes. The first target of sellers apparently will be middle Bollinger band (108.67).
Steep upward pullback right now is testing resistance level 109.10, that looks like dumping of unwanted players from the positions. If it’s so - the price might fall in the same steep mode from current levels (or after retest of resistance 109.31).
Mid-term target of decline is 108.32 (lower Bollinger band).
On hourly chart there is an evidence of bullish momentum falseness: we see, that growth of the quotes goes on the back of ADX readings decline. Thus we can expect continuation of decline from resistance 109.11 in direction 108.32 and 108.10.
Decline from current levels to 108.32 and 108.10.
Shorts from 108.32 to 108.10.