Ok there seems to be a lot happening to back up a short.
Previous support acting as resistance pushing down on price
This setup has occurred several times in the past and every time it falls around 15% this would take us to the major trend line and 78.6% fibs.
All in all this is looking like a good setup, wait for ...
Will resistance be respected or ?
- Major bullish engulfing candles in the mix.
- EMA's look like they may cross soon indicating a change of trend.
The next candle close could tell us what we need to know.
The pair appears to be approaching the 61.8% re-tracement level after find support around the 1.27654 level. I will be entering this one on a smaller time frame to try minimize my stop loss and maximized my Risk/Reward