Bulls eventually failed to overcome a barrier in the shape of resistance 1.1276-1.1286 and due to this upswing got a kind of pin on its tip, that might become a start of new downswing (watch the blue arrow).
However close of the market yesterday was higher than the opening price, therefore we can’t rule out a probability of upward break towards 1.1348 as well (watch the black arrow).
Locally the euro consolidates in the range of last swing (1.1244-1.1274) after bulls failed to post a new high for the structure. Correspondingly, today we can consider break of this range in any direction and following distribution to that side.
Main scenario: Upward bounce off the 1.1244-1.1250 zone and further growth in direction 1.1348.
Alternative scenario: Downward break of the 1.1244 level and decline towards 1.1200-1.1214.
Above 1.1244 - longs towards 1.1348.
Below 1.1244 - shorts towards 1.1200-1.1214.