Utmost weakness of the buyers yesterday was exhibited in a situation when they were unable to move up even for a while having such a strong setup as a bullish inside bar. At the same time support for the euro at the lower Bollinger band (1.2115) remains in place.
Local trading down inside the lower Bollinger bands (1.2126-1.2168) goes amid high trending readings of the ADX indicator. This points to the existing probability of downward break.
Intraday there are no tangible signs of getting out of the sideways channel: strong support zone 1.2140-1.2146 in the area of the lower Bollinger band with resistance at the upper band (1.2168-1.2175).
Main scenario: Flat in the 1.2140-1.2175 range.
Alternative scenario: Decline to 1.2115-1.2120.
Short-term trading to both sides inside the 1.2140-1.2175 range.