Trade based off a transition from a downtrend structure to an up trend type structure. we have several confluences such as a break of the trendline, a 38.2% fibonacci is being respected, as well as price pulling back into key indecision point and previous resistance which is becoming major support for this pair.
This trade is based off 3 confluences lining up right now in this market.
1.) The trendline based off the daily time frame
2.) The key support and resistance level based off the H4 time frame
3.) The respect of the 78.6% fibonacci pull back.
good luck!
flowing with the downtrend. trade based on the 3 confluences shown such as a support area , a 61.8 fibonacci line up, and an overall trendline line up. stops just above the new LH if it forms. Targets at the swing low.