Daily: As we can see from the daily chart, the downtrend has been respected (Down arrow) as the price has bounced multiples times from the trendline. The pair has also broken below the small uptrend and retested the upside, as seen by the sharp rejection on Friday as it touched the EMA 50 and closed below 1.295 region. The pair is expected to continue another bearish leg to the downside at 1.28 & 1.2675. Alternatively, a break above 1.305 would invalidate the bearish setup as a new higher high is printed.
4H: Going lower into the 4 hour chart, we can clearly see that the small uptrend has been broken and subsequently printed a beautiful pin bar as it retested the upside. The pair is currently trading in a 4 hour range of 1.295-1.29. A break of this range would expose the pair to further downside at 1.28 & 1.2675. A break above the range would potentially invalidate the bearish setup.
