One way or the other, the price will find its way back up before continuing its down movement. What we are looking for here is a retracement of this move. The price might retest the psychological level again before resuming its trend. It will be a good opportunity to go Short if the price retest this level. The price might go up a little bit up to the previous uptrend support line.
The next support line would be the 1.28 level. It's logical to take profits before or at this level.
No retracement means no trade. Wait for that to happen then see if it respects the lines shown above.