The expectation for a deeper correction did not come true.
It’s obvious that after the multi-month range and battle between buyers and sellers the bears are impatient to profit and unanimously took the initiative in hand.
The correction was very shallow and at 107.67 the pair began depreciating.
We could suppose that the bearish trend will continue and the first strong support will be in the zone around 102.00 – 101.00 where we can expect a new battle between bulls and bears.
The abovementioned level, however, will hardly be the end of the depreciation. Another drop to 96.00 or even 90.00 is not excluded. That, however, is a long term prognosis which could be developing until the end of 2018 or even longer.