As shown on the 4 hour chart, bearish breakout has been confirmed this early morning at 1.2890, but the pair was unable break below this level , pulled back to test the key resistance 1.2991 !!!!
Now, what options do we have ?!!!
The first option : 4 hour close below 1.2890 followed by RSI break below 40 would bring massive bearish move and target 1.2700 levels, maybe lower !!!
The second option : 4 hour close above 1.2991 would mean we had false bearish breakout and strong move is expected at the opposite direction, then the pair might target 1.3150/200 levels, but be careful, I wouldn't recommend buying above 1.3000 , It's risky too much, we have strong sloping line around 1.3150/200, comes from -1.4939 - 2011 high - only a miracle would make the EURO pass this line !!
Recommendations : Selling the pair with a 4 hour closing below 1.2890 targeting 1.2700 , stop loss at 1.3010