We have a bearish channel
on daily chart
which serves as an intermediate resistance while outer trendline
+ Fibbo 23.6% and support turned resistance are make a wonderful confluence. And above all, it's psychological barrier being 1.2995. So this zone provides us high reward and low risk short trade opportunity. However, trade with caution as high volume
and some unforeseen factors my give a straight breakout but probability of that occurrence is very very low.