Major downtrend drifting southwards in sloping channel but channel base at 122.498 is also broken that signifies the intensity in the major downtrend.
Currently lingering below channel support at 123.555 levels.
In a broader perspective, we've received the enough confirmation through previous monthly candle with big real body at 122.498 levels resembling pattern.
Massive volumes generated on this candle that is in conformity to the previous major trend. This what we call it as a "decisive break" because it is observed as robust volumes build up while breaking channel supports (see for volumes histograms in grey shaded rectangular area).
Absolutely no trace of buying on all time frames.
Instead, all leading and lagging indicators are signaling convergence.
No surprise if it hits 120.427 zones sooner or later as we could see that area may be the short relief for bulls.
Even if you see any minor price jumps, no need to get panicky and both leading and lagging indicators signal extremely environment.
Hence, smart way to approach this pair is that follow basics, don't even dare to buck the trend.
Taking above technical reasoning into consideration, it is good to short at every rally and when your research outcomes could be so certain to give leveraging effects to profitability use 'One touch binary puts' with OTM strikes for intraday targets at 123.140.
The payoffs of touch option has been conditional, if the pair in this case would hit the OTM strike price within any time period by the time of expiration, if the investor predicts correctly and the asset touches the strike price the option expires "in the money".
Please be noted that this exclusively for speculative purpose only.