For quite a long time, the market is rapidly moving down from the upper bound of the yellow channel towards its lower wall.
Given that the price is below the red moving average line, we can assume that the bears have a lot of strength, so the downtrend can continue with a high probability.
If this is confirmed, we could expect a decline to the support level of 1.289, which is on the lower bound of the yellow channel.
A break above the moving average near the resistance level of 1.302 will be a sign that the bears have started to lose strength. In this case, the way to the upper bound of the yellow channel and the resistance level of 1.328 can be opened for the bulls.