Daily: the pair maintains a downtrend towards 1.2325, where the lower Bollinger band is now located. Any upward signals in such conditions may turn out to be a trap.

H4: we note major resistances on the way of possible correction. These are 1.2401 and 1.2454 (middle and upper Bollinger Bands). From each of these marks the sell-offs may resume.

H1: Intraday Bollinger envelopes support the sideways trend. Thus, we do not expect the pair to go above 1.2401 today.

Conclusions: consolidation in the range of 1.2369-1.2401.

Recommendations: trade in the range of 1.2369-1.2401.