Pair’s recommencement was bounded under 4 hour 55 EMA and it eventually stopped. It keeps holding inside of diapason over the near term minimum of 105.24. Trading stays neutral. Short term forecast stays bearish if 107.67 resistance is present. Breach of 105.24 will extend deeper fall from 118.65 to 100% projection of 118.65 to 108.12 from 114.73 at 104.20. Following pivot points include: (S1) 105.82; (P) 106.14; (R1) 106.43.
Sustained breach will head towards the key support of 98.97 and lower. According to bullish convergence in 4 hour MACD, breach of 107.67 will suggest temporary bottoming. Larger recoil should align 55 day EMA.
The corrective pattern from 118.65 is progressing. Strong breach of 61.8% retracement of 98.97 to 118.65 at 106.48 indicates extension of the pattern from 125.85 maximum. Larger decrease should surpass the key support of 98.97. If 110.47 resistance is present, the forecast stays bearish.