We had the doji at the highs yesterday and a down-day so far today – it seems possible this could be the start of a deeper correction lower, an Elliot wave 4 perhaps, which would be expected to fall to the next level of major support at 1.2957 where the monthly pivot is situated. Looking at the hourly chart, there is also a double top pattern which has just broken its neckline, with a downside target at 1.2990 although the trend-line at 1.3020 may also impede downside.
Written by Forex4you