This analysis is a continuation of the one from April 18th, when I pointed out possibility of initiating a growth correction. So it happened when the declines reached the same extent as the previous wave. The reflection from the lower edge of the downward channel is continued as we see on the daily chart. Reflection has already broken accelerated trend line connecting the last two highs. It seems that pair has open space to the upper edge of the canal and legible resistance in the area of 112.00.

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Now it is back on the maximum that has occurred on the euphoria wave after the French election. If demand goes beyond this maximum, the line joining the last two highs will also be defeated. This will be a confirmation from D1 scenario, that is, increases to 112.00 and the upper edge of the channel.

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