On the daily time frame, the market is operating in a descending channel (black). However, the attempt by bulls to take price action northward in the channel last week Monday and Tuesday did not materialize as bears intervened and the market entered a consolidation. As the candlesticks printed since last week Thursday have been in favour of bears, we may see a southward turnaround this week should bears maintain their influence. Nevertheless, should market decide otherwise, at least on a temporary basis, the immediate resistance around 1.29900 may be exposed by bulls. However, I will see such a northward move as temporary in nature.
I may be wrong. Trade safe and prosper.
Do your homework, follow the footprints of big money