I totally agree that one should wait for a clearer signal. However, 1.27 will probably be a strong resistance for the pair but given that price may be at an exhaustion point it is probable that it will break. One strategy could be to do a scalp like entry near 1.2685 as it approaches the 1.2695 pivot and then tighten the stop to break even as soon as possible. Though, this would be quite an agressive entry, their should be enough momentum approaching the point to make this a good entry which could position for a break of the downward channel and pivot which are coincidentally aligned. The other strategy would be to put your order on the right side of the downward channel where most of the orders are likely to be.