Sell below 1.2654. Stop loss at 1.2766. Take profit at 1.2270. Reason for the trading strategy (technically): Price is now testing major resistance at 1.2654 (61.8% Fibonacci retracement, 61.8% Fibonacci extension, Impulsive Elliott wave structure, horizontal overlap resistance, bearish price action) and a strong reaction could occur at this level to push price down towards 1.2270 support (Fibonacci extension, horizontal swing low support). We have to keep a watch out on intermediate support at 1.2382 (Fibonacci retracement, horizontal overlap support) where another bounce might occur. Stochastic (55,5,3) is seeing major resistance at 96% where a corresponding reaction could occur.
@dlau, "Dropping lke a stone" is just an expression. What does, "m in so much drawdown " mean? You're right, BTW, it appears to have been floating down like a feather. In fact, I've seen feathers fall faster than this pair, but I'm still in :-)