As it was anticipated market has reversed to the downside from resistance zone 111.75-112.33. We expect testing of the pivot-levels 109.51 and 107.74.
Locally we observe moderate growth of ADX indicator, that can detain the quotes at the area of lower Bollinger band (109.95). However this support doesn’t look too reliable, therefore a drop in direction 107.74 can be initiated at any moment.
On hourly chart we note the presence of ADX indicator trending pressure in favor of bearish scenario extension. Thus a break of support 109.95 is highly likely.
So, we expect a break of support 109.95 and continuation of decline in direction 107.74.
Shorts to 107.74.