Price has not been able to break over the 130.70 level since beginning of last month, when price went above this level it was just an faker on higher timeframe (daily). The bulls tried many times to push up but did not have the power to do so. It is now at major support levels and if price action can break and close below that blue box with strong bearish candles we might see further downside as that will be bearish confirmation for this pair. Right now it is struggling to break below as lots of buy orders get activated around this area, as it can be seen as a buy opportunity from here. Last few days the bears have been very strong and so we need to wait and see how price reacts down here at support as mentioned. There may be a pullback up to 129.60 area before trying to break support levels if bears are not able to push down this time. There could be a chance that bulls come back from this support area and push price upwards but I would not consider buying as that would be quite risky considering the strong bearish movements last few days.