Price at 1.298 is currently in the top region of a downward price channel. Most likely price will bounce off the upper trend line and continue downwards to follow the downward trend. 1.298 is also an area of resistance. Price will most likely not break resistance. The current price 1.298 also falls between the Fibonacci levels 61.8 and 78.6, which is a hot spot for reversals. This gives us a nice 3:1 ratio.