As of now, the pair is trading around 1.29 handle. There is very little logic in catching the falling knife. The volumes were very low in Asia and continue to be so. Hence staying on the sidelines appears as the best option.
Nevertheless, traders could keep an eye on the 4-hour chart. A could happen if the 4-hour candle sees a positive move and pulls the above 30.00. In such a case, prices could head back to 1.3119-1.32 levels.