On the daily chart, the pair declined after approaching the resistance at 129.70. A sharp decline rather suggests that the rebound up from 128.60 was corrective, and the pair is likely to continue to decline to the lower end of the range at 128.00. In the broader perspective, the pair remains in the range of 128-130.70.
On the four-hour chart, the pair remains below the level of 128.60. Thus, if we consider the growth from 128.60 since October 1 as a correction to the wave of decline since September 29, it ended, and the pair resumed its decline. There is no sign of a strong support level up to 128.00, and the pair is likely to reach this level. From the point of view of momentum, it is important that the decline on October 6 was sharp, and the size of the candles was significantly larger than the candles in the wave of growth. The direction of least resistance now is clearly a decline.
Resistance levels: 128.60; 129.00
Support Level: 128.00