Daily: the lower boundary of the Bollinger envelopes has not been tested (1.2290), which makes further downside event likely.

H4: for today the decline is potentially limited to the zone 1.2296-1.2300 (lower Bollinger line). The dominant trend is still bearish.

H1: We mark the consolidation range within the Bollinger envelopes (1.2332-1.2365). We note a strong bearish momentum of the market.

Conclusions: decrease to 1.2300.

Recommendations: Sell to 1.2300.