The level which gives support at the moment has been determined a while ago based on structure in the past. Now I like to see a reversal out of this zone to support my bigger picture analysis. The leg lower has the characteristic of an impulsive wave A and should therefore present another sell opportunity once wave B is complete. However we have to keep in mind that several corrective patterns are possible. Longer term I expect a test of at least 1.270
updates will follow.