Daily: Strong rebound from the upper Bollinger Band provides the bears with an opportunity to continue the downside wave towards 1.2320 (lower envelope line).

H4: We also note significant support at 1.2388 (lower Bollinger line). Envelopes support horizontal orientation, which speaks in favor of the scenario with the correction to the zone of 1.2440-1.2451.

H1: The lower Bollinger envelope was broken, which allows to confidently consider selling from the 1.2440-1.2451 zone (hourly average Bollinger bands).

Conclusions: correction to the zone 1.2440-1.2451, then decrease to 1.2377.

Recommendations: Sell from 1.2440-1.2451 area to 1.2377.