The 1.2660 (low from Asia) and then the 100 hour MA at the 1.2647 become the targets. Do the sellers have the power to push it through? If a range trader, the 1.2660/67 level a level to buy against/take profit from a short. A more patient buyer would use the 1.2647. I would expect a move below the 100 hour MA to solicit more selling.
If short and you see the price moving lower I would look for the price to remain below the 1.22682-90 level.
Quite frankly it is a toss up.
