List of confluences:
1:Stop loss hunt at previous low on weekly chart
2: Double Bottom formation on daily chart around previous low on weekly chart
3: Daily chart and H4 trendline breakout
Summary:
Price is currently over extended and has been moving in a down trend for 3 weeks straight. We are looking for a potential pullback to just above the 50% (1.69187 - 1.68428) of the previous down trend.
There's is a potential for strong mean revision to take place allowing big players to hunt some stops and grab some liquidity before we see a continuation to the downside. You could add a 6Ema and 30 SMA on the H4 time frame for more confluence.
This trade is expected run for the next 8-9 trading days or until the target is reached, whichever comes first. Always remember to Buy to the low and Sell the high in the direction of the trend