Daily: The pair is testing the Bollinger mid-band (1.2373). The bears’ goal is to break this level and move into the lower envelope, which will create the potential for a fall as far as 1.2206.

H4: The price is squeezed between the strong supports (1.2339) and resistances (1.23730-1.2393). ADX is falling, so consolidation in this range may continue all day long.

H1: The bottom Bollinger envelope has been broken through, so we can consider the zone of 1.2393 (middle Bollinger line) as an optimal area to enter the sell.

Conclusions: pullback to 1.2393, then decline to 1.2300.

Recommendations: Sell from 1.2393 area to 1.2300.