Daily: the pair remains in the middle of the upper Bollinger envelope, against the background of the continuing fall of the ADX indicator. Most likely, this trend will remain unchanged until the Fed meeting this evening.

H4: The pair is limited by the sizes of the lower Bollinger envelope (support 1.1438, resistance 1.1534). This is quite enough for a breakdown.

H1: The medium-term trend is still falling, which is clearly seen by the stepped nature of the chart. However, there is no trend ADX on the sellers’ side, so the quotes are likely to rotate around the middle Bollinger line (1.1500).

Bottom line: consolidation in the range of 1.1438-1.1534.

Recommendations: trade in the range of 1.1438-1.1534.