The middle Bollinger band (1.1772-1.1790) wasn’t tested, therefore we can consider a downward reversal of the euro only after touching it.
Here a bearish pinbar was formed after a touch of the resistance zone 1.1760-1.1772 making possible a reversal from current levels. However the euro scarcely will go below the strong dynamic support at the area of the middle Bollinger band (1.1676) today.
Pivot-zone 1.1725-1.1731 (middle Bollinger band) is being tested on the hourly chart. It’s capable of sending the major to one more testing of 1.1750-1.1759. Thus it’s better to wait for one more upward pullback to this zone for opening short-trades.
Main scenario: Upward bounce off 1.1725 to 1.1750-1.1759. Then a downward reversal and decline in direction 1.1685-1.1700.
Alternative scenario: Break of support 1.1725 and decline to 1.1700 and 1.1685.
Longs from 1.1725 to 1.1750-1.1759.
Shorts from 1.1750-1.1759 to 1.1700 and 1.1685.
Longs from 1.1685.