Given how price has reacted from the weekly level of 1.8250 I do favour short term downside.
Another confluence is that we have rejected the 78.6% from the last significant Daily high.
The only consideration would be that price is making higher highs and higher lows on the 4 Hour TF and we are above the 4 hour 50ema so this is a slightly risky trade.
Any signs of price action decelerating into the 38.2% and structure of the left shoulder (1.8145) could present us with a nice short opportunity certainly down to 1.8000 and the 50ema.
Instagram: @TheTravelTrader (www.instagram.com/thetraveltrader)
Twitter: @fx_ollie (twitter.com/fx_ollie)
Another confluence is that we have rejected the 78.6% from the last significant Daily high.
The only consideration would be that price is making higher highs and higher lows on the 4 Hour TF and we are above the 4 hour 50ema so this is a slightly risky trade.
Any signs of price action decelerating into the 38.2% and structure of the left shoulder (1.8145) could present us with a nice short opportunity certainly down to 1.8000 and the 50ema.
Instagram: @TheTravelTrader (www.instagram.com/thetraveltrader)
Twitter: @fx_ollie (twitter.com/fx_ollie)