Despite staging a rebound from the low of 1.2994 in Asia, the subsequent exhaustion near 1.3054 (23.6% of 1.3248-1.2994) suggests increased likelihood of a break below 1.3029 and a revisit to 1.2994 (Asian session low) – 1.1.2956 (Aug 9 low).
Upticks are likely to be met with fresh offers unless prices see a day end close above 1.3121.