The major switched to the stage of corrective upswing building as we anticipated yesterday. But development of correction goes even more intensively than we supposed - pivot-zone 1.2165-1.2250 has been passed already. Therefore there is a probability of full-scale pullback in direction of the pivot 1.2491-1.2500. Of course it’s a medium term scenario and it may take almost all week to execute it. May be even the whole rest of the week.
A very scaled local upswing is supposedly completed: a bearish inside bar might be formed at its tip right now that would make the pair to shift to downward pullback in direction of support zone 1.2165-1.2180.
Given the conclusions from the daily chart, buyers can regain control at this region.
Decline in direction 1.2165-1.2180 and following upward reversal.
Shorts to 1.2165-1.2180.
Longs from 1.2165-1.2180 in direction 1.2300 and 1.2400 (in medium term).