The major is actively traded up inside upper Bollinger bands (109.683-110.232) allowing to consider long trades during the stages of downward corrections (watch the black trajectory). ADX resides in a trend zone, therefore growth can be resumed at any moment.
Locally we note quite high overbought conditions, that may force market to correct deeper than support 109.683 (middle Bollinger band). If bulls fail to regain control at this zone the quotes probably will fall to lower Bollinger band (109.189).
As it can be seen the structure will resemble “Head-and-Shoulders” pattern in case of break of support 109.807, that would produce a high probability of downward reversal of the trend. We could analyze this situation only having reaction of the market on 109.807. But considering overbought conditions we can say that such scenario is quite likely.
So, we expect decline to 109.807 and perhaps to 109.683.
Trading recommendations: Stand by tactics.