Upward correction reached the middle Bollinger band (1.2160-1.2194 region), where there are big odds for new sell-offs. Earlier the price has broken the lower Bollinger band, which is one of the important signs of main tendency extension. And such setup very often is being worked off from the middle band. Thus we expect a start of decline in direction 1.2052.
Potential of ADX dropped substantially during the approach to the upper Bollinger band (resistance zone 1.2179-1.2794) that also suggests probable downward reversal of the price. Supports on the way of sellers are 1.2130-1.2135 and 1.2085-1.2091.
On the hourly chart the price already resides in the lower Bollinger bands. Strong dynamic support, which the market will test shortly, is 1.2135-1.2139 (lower Bollinger band). Potential for direct break might prove insufficient, therefore mid-term sellers will have to enter higher, from 1.2156-1.2160, after completion of correction (red trajectory).
Main scenario: Decline to 1.2135-1.2139 followed by an upward pullback to 1.2156-1.2160, after that decline might resume in direction 1.2085-1.2091.
Alternative scenario: Direct decline to 1.2085-1.2091.
Shorts to 1.2085-1.2091.