Intensive downward movement is in progress, therefore mid-term support 107.74 (middle Bollinger band) apparently will get under pressure. Thus in case this level is broken, we might expect further movement to lower bands with the prospect of drop to 102.67.
Mid-term downward trend line is broken and ADX resides in an active zone. Thus we can consider further drop of the quotes in direction of support levels 107.74, 105.00, 102.80.
Middle Bollinger band (110.40) probably can prove to be the area of sell-offs, therefore we can’t rule out a pullback to this region.
On hourly chart lower Bollinger band was broken delivering a signal of downward tendency extension. It’s hard to expect the pair above the middle Bollinger band (109.18) under such conditions.
So, we expect a completion of upward correction at 109.18 and then continuation of decline to 107.74 and 105.00.
Shorts from 109.18 to 107.74 and 105.00.