Bearish positional advantage | 01 March 2017

Daily chart: moderate ADX growth makes two scenarios possible: continuing drop and upside correction (as lower Bollinger band is almost broken). However, it's worth to mention potential of mid-term decline towards 1.2142.

Н4: here we have active ADX, so support level at 1.2335 (lower Bollinger band) can face bearish pressure.

Н1: local ADX is weak, so the price may stay in 1.2353 region for a while (lower Bollinger band). Resistance level is localized on middle Bollinger band (1.2402)

Expectations:

Core scenario - touch in 1.2335-1.2353 region followed by upside rollback towards 1.2402

Alternative scenario - drop to 22 region (in case of breakout of 1.2335)

Solutions: consider selling from 1.2402 region counting on midterm drop to 1.2142.