Current trend

On the 4-hour chart, the instrument is moderately falling along the lower line of the Bollinger Bands. The price went down below the strong support level of 1.11084 and can fall further to the levels of 1.10926, 1.10779. The 1.10779 level seem a key level for the sellers in short term period.
Alternative scenario.
Pullback above 1.11106 will let the price to grow to the area of 1.11234 which coincided with the middle line of Bollinger Bands. There is a chance of an downward rebound, while its breakout would allow the growth to continue to the area of 1.11389-1.11532.
Technical indicators reflect the maintenance of the downward potential. Bollinger Bands are pointed downwards. MACD histogram is in the negative zone keeping a signal for the opening of sell positions. Stochastic is in the overbought zone and is pointed sideways.

Support and resistance

Support levels: 1.11063, 1.10926, 1.10779.
Resistance levels: 1.11084, 1.11234, 1.11389, 1.11532.

Trading recommendations

Short positions can be opened below the level of 1.11063 with the target at around 1.10779 and stop-loss 1.11157.
Long positions can be opened above the level of 1.11234 with the target at around 1.11389-1.11532 and stop-loss 1.11134.

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