Daily: The price has rejected off important support at 108.825 & 108.5 region. The price is also in a downtrend. A close above 109 would push the price above to 109.75 & 110.25. Psychological Resistance 109 is important as it intersect the downward trend line. The price could possibly retest the 109 level & get rejected off it immediately.
4H: A powerful Pin Bar formation found on the important support 108.25 & 108.5. The price is currently consolidating in the region 108.5 - 109. An inverted H&S pattern is also forming with the neckline at 109. A break above would prompt the price to rally to the upside at 109.75 & 110.25.
1H: A clear break above 109 is needed. More confirmation is needed.
