Both the daily and the 4-hour charts show a series of lower highs and lower lows. However, support and resistance is far enough away from each other to make the risk on a trade a little too high. Moving down to the hourly chart does offer a potential selling opportunity with a more acceptable risk though. Traders could sell on the move down through the 1.28804 low as shown on the chart and then place a protective buy stop above the 1.30914 sell side high. A move down through that support level would serve as confirmation that the sellers were in charge with the next target being the 1.28804 low.
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