Here we can see the GBPEUR has broke through the key support level. It tried to do this before with a false breakout (Highlighted in the circle). Due to this, the false break out created a new low. It looks like the price action has retraced to test that new low. I will now switch to the 15 minute chart to wait for confirmation of a trend reversal. This could continue up to the key support are to test this as the new resistance. This is why we wait for confirmation and do not just try and guess the entry.