Although the upside scenario which achieved its second target at 111.70 has become weak after breaching both the 50 and 100 averages, it remains intact with support at 110.90 which corresponds to the bullish trend line shown on the 4 hour chart and is trying to support the price as we see …
The return of the price to trade above the SMA 50 around 111.50 strengthens the possibility of a rise to the target of the third scenario at 112.50 … A four hour closing below 110.90 might be enough to end the scenario and the pair could then retest to test the support area 110.10 – 109.95 at least.
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