The last upward movement was characterized by a “surge” in retail buyers. This is a good reason to start thinking about short positions.
The Ratios indicator shows the change in the ratio of market players towards buyers. Their increase while the downtrend may indicate the activity of averaging traders. This can serve as "fuel" for further downtrend.
The first target is at the level of the previous bottom - 1.299, and the second one, in case of an active price decrease, is at the level - 1.296