Bears show a very high pressure at the area of support 1.2766 (lower Bollinger band). Most likely we’ll see a break and further drop of not less than 100 pips!
Locally the major has tangible oversold conditions, that may be the cause of correction towards the middle Bollinger band (1.2869). But any long-trades are out of the question!
The best price for going short today will be the merger area of upper Bollinger band and PPZ 1.2819. But we have to be aware, that new downward wave will continue at any moment.
Main scenario: Upward pullback towards 1.2819 and then drop in direction 1.27.
Alternative scenario: Direct decline in direction 1.27 from current levels.
Shorts towards 1.27 (optimal area is 1.2819).