Bulls were able to gain a foothold at new highs, but we see, that there are premises for development of downward correction. In particular it’s yesterday’s reversive bearish bar, which can become a trigger for downward pullback in direction of the pivot-level 108.481.
Here in turn we might open quite perspective mid-term long-positions.
Local upward structure already has completed corrective swing, that speaks to keeping of uptrend actuality. Thus we can’t rule out, that traders will actively buy out the major from PPZ 108.759-108.797, that would drive to the start of new trending upward movement (watch the black trajectory).
Correspondingly we might consider downward reversal in case 108.759-108.797 zone is broken (watch the red arrow).
Main scenario: Touch of 108.759-108.797 and following upward move in direction 109.500.
Alternative scenario: Decline under 108.759-108.797 and further downward movement towards 108.517.
Above 108.759-108.797 - longs towards 109.500.
Below 108.759-108.797 - shorts towards 108.517.