It can be seen that price action has broken out of a long term consolidation period where price was trading in a range between 1212 and 1191. Price is see to have broken out of this range and tested the lower level at 1192 level and rejected. Price action had tested this level once more but swiftly rejected resulting in a 4 hourly candle rejecting with a large wick, indicating that the bears are taking control at this level. This level also intersects with a significant sort term upwards trend line, at the point at which price action was rejected to the downside, validating this trend line.