The major reached very complex resistances at 109.30 and 109.50. First of them creates problems for bulls for a long time already and the second is the ultimate high of the structure, which is not purely upward by the way.
All this speaks for the start of new downswing from any of these levels (watch the black trajectories).
At the same time we need to note, that there are no any sell signals! This means, that there will be attempts to break these levels, but its effectiveness is in big question.
Bearish inside bar was just formed at the tip of current upswing (black round mark), which created lower high. And it’s one of the signs of downward reversal. Thus there is a probability of decline to the 108.71 region. We can consider continuation of growth if bulls break this inside bar and resistance 109.22 (watch the red arrow).
Main scenario: Decline towards 108.71.
Alternative scenario: Break towards 109.50.
Shorts towards 108.71.
Longs with count on break of 109.22 towards 109.50.
Shorts from 109.50.