Daily chart: the pair is trading within a downward correction directed towards the middle Bollinger band (110.31). Bears have a good chance of working out this level, while bulls can get excellent buy entry points.

Н4: a local downward wave is also aimed at the area 110.31-110.54, where the daily average and Н4-lower Bollinger bands are merging. ADX activity is declining, so a scenario with an upward rebound is the most probable.

Н1: the intraday ADX is at the flat level, so it cannot be ruled out that the pair will spend the entire today’s session in the range within the envelopes (110.80-111.27).

Conclusions:
The main scenario is a decline to 110.31-110.54, then an upward rebound and a reversal.
An alternative scenario is flat in the range 110.80-111.27.
Trading decisions:
1. Sales to 110.31-110.54.
2. Buying from the zone 110.31-110.54 to 111.27.