Decline of the ADX trending potential is observed that puts in question the ability of the sellers to overcome support in the area of the middle Bollinger band (1.2000-1.2017, black trajectory).
If this attempt succeeds, the price will get to the lower Bollinger bands getting extra space for decline upto 1.1850-1.1861 (red arrow).
Local drop of the quotes goes amid trending ADX, therefore the dynamic support in the area of the lower Bollinger band (1.1989) definitely will get under pressure of the bears.
We attest tangible domination of the sellers. Significant pressure of the ADX is observed in the area of support 1.2014-1.2017 suggesting high probability of the break.
Main scenario: Decline to 1.1950.
Alternative scenario: Cut-off of decline at 1.1989 followed by a pullback to 1.2014-1.2017 and after that a bearish wave will resume.
Shorts to 1.1950.