As we can see on the daily timeframe, medium term we are bearish, therefore shorts are the smart trade, however if we come up to this 1.21200 region it would give us an edge over the market as the confluences are, 1. Coming up to a 61.8 fib level from the long term high, 2. Coming into a 78.6 fib level of the recent daily high, 3. We are coming up to a high which also lines up with these fib levels, and we are going to be at a 3rd touch of the descending TL, prefarably i would like a false break of the TL and the high where the 61.8% fib aligns with so i can catch a nice wick entry.