The trend from the higher timeframes is starting to shift and liquidity has been created as price was retracing to the upside. I have drawn a fibonacci retracement tool and this zone is in confluence with previous resistance levels from the left. A nice change of character during london session and stops above the zone will be good for a short position. Incase price breaks the level, there is no setup. The EMAs are not so important because I am trading a flag in this case.