Earn 80 pips on decline | 11 January 2017

Daily chart: there is a valid resistance level on upper Bollinger band (1.0638) and despite of the weak ADX, the pair is more likely to drop towards supports of 1.0486 and 1.0340 (middle and lower Bollinger bands)

Н4: the more localized support level is on psychological round level of 1.0503 (lower Bollinger band)

Н1: ADX is edging but it hasn't reached trend state yet. In case of a drop I would expect the pair to break lower envelope (level of 1.0547) then to go back to middle Bollinger band (1.0583) and later to start major declining phase (see red arrow)

Expectations: possible drop to 1.0503 following zigzag of 1.0530-1.0583-1.0503

Solutions: consider selling in the range from 1.0583 to 1.0503