Still seeing more downside to come, however, as volume is thinning, there could be some retrace, therefore it will be better to short at a higher level.
Price is in a support zone and has been making pins in the 0.96x levels which has convinced me that this area of support is pretty strong. However, to enter a position now means having to stomach a 200+ pips stop loss by placing your SL behind the support zone.
Therefore, it will be better to wait for price to return to 0.9617 to enter a long trade. Note that the...
As seen, price often gets rejected strongly at 0.9013 level. I will be looking to take a short should price reach this level again for a Low-Risk Entry trade as it is still within the resistance zone.
