The pair formed a bottom at the beginning of the month and followed a rise to 1.3170. The subsequent downward movement seems to be a correction and we expect its completion.
A definite signal for the end of the correction and resumption of the upward movement will be a break above 1.3113! This will allow entry to the previous peak as well as to 1.3280.
A break below 1.3040 will break up the current model!