On the 4 hours chart attached, the Us dollar bounced off from the upper trendline and is still pretty much bearish. While the price does not violate the upper trendline, we expect nothing but a possible momentum to the lowerside. The anticipated bearish price rally is the continuation of the impulsive wave (5) to the lowerside. The anticipated bearish price rally is the continuation the last impulsive wave and should first break below 1.21340, and should continue towards 1.20935. This view will only be invalidated in case the price breaks and closes above the upper trendline.
Look for long term sell positions towards the lower trendline.