Current trend

On the 4-hour chart, the instrument saves the potential for a positive dynamic. At the moment the price has met the resistance at the level of 108.787.  If the sellers manage to decline the rate below the level of 108.727, the correction can continue to the area of 108.594, which coincided with the middle line of Bollinger Bands. There is a chance of an upward rebound, while its breakdown will be a signal for downward trend formation. In this case, the next targets of sellers will be the level of 108.496-108.398.

Alternative scenario.
Decisive breakout of 108.787 will indicate the upward trend resumption and will give the prospect of growth to the levels of 108.984. The area of levels of 108.984-109.082 seems a strong resistance zone, which can activate the downward rebound.

Technical indicators mostly keep a buy signal but the downward correction is possible in the short term. Bollinger Bands are diverging on the background of bullish momentum. MACD is slowly growing in the positive zone. Stochastic is ready to exit the overbought area and is pointed downwards, reflecting the high possibility of the downward movement formation.

Support and resistance
Support levels: 108.727, 108.594, 108.398.
Resistance levels: 108.787, 108.984, 109.082.

Trading recommendations

Long positions can be opened above the level of 108.787 with the target at around 108.984-109.082 and stop-loss 108.688.
Short positions can be opened below the level of 108.727 with the target at around 108.594-108.398 and stop-loss 108.836.

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