Looking at the 4 hour chart below, the pair broke below the rising support from 1.3037/1.3264 levels last week after topping at 1.3710, at this point downside from 1.3710 should be contained well above 1.3300 levels 61.8% retracement of 1.3037/1.3710 levels and 38.2% retracement of the big run 1.2661/1.3710 to bring rebound to the upside , but recovery most likely will be limited below 1.3458/1.3597 levels and another decline is suggested from this level.

On the downside , a clear break below 1.3300 levels and the rising support from 1.2660/1.2997 levels, will likely target the psychological level 1.3000 where a breach will turn focus on 1.2660 levels around 61.8% extension of 1.3037/1.3710 levels.

The last point, looking at momentum indicators, MACD, OsMA and Williams , they are extremely bearish and heading for south, any recovery below 1.3710 is a great opportunity for taking a short.However, to resume the bullish trend , 1.3710 should be taken out,otherwise more loses are suggested in the nearest future.

Best Regards

Haitham