Extremely low activity of ADX indicator is still in place that corresponds to a flat forecast on the asset. Overall the pair is traded down in direction 1.1615 (lower Bollinger band), however Friday session can quite show low volatility remaining in the vicinity of the middle band (1.1700-1.1739).
Local upward correction is potentially capped by the middle Bollinger band (1.1732-1.1739). This area will be of interest today for short trades in direction 1.1677 (lower Bollinger band).
Given the factor of Friday (when markets often show low activity before leaving for the weekend) we don’t rule out a scenario of consolidation inside the Bollinger bands (support zone 1.1690-1.1694, resistance zone 1.1713-1.1720).
Main scenario: Flat in the 1.1690-1.1720 range.
Alternative scenario: Decline to 1.1677.
Shorts from 1.1720 to 1.1690 and 1.1677.