The pair keeps declining | 29 ديسمبر 2016

Daily chart: ADX is active, for now it might be treated as dominating trend support (downtrend). Lower Bollinger band (1.2157) is not touched yet, which can play to bears' advantage.

Н4: correction towards 1.2311 (upper Bollinger band) is possible, but in general downtrend prevails. In this framework ADX is very passive, so today might be a flat day.

Н1: More localized resistance level is 1.2263. This is the best range for developing downward wave. As we might see, oscillator has no signs of convergence, that again confirms the decline scenario.

Expectations:

Core scenario - decline from the current levels towards 1.2200

Alternative scenario - rise towards 1.2311 (in case of 1.2263 breakout)

Solutions: sell towards 1.2200.