If the pair pulls back to the 116 area there could be a great opportunity to go short.
Reasons to go short -
Trend is bearish
Returning to a major SR level (blue line)
The previous time it was at this level there was a strong sell off, and it is the first time returning to this area (yellow box).
116 is also a 50% fibonaci retracement level from the previous high
Good risk to reward ratio
Reasons to go short -
Trend is bearish
Returning to a major SR level (blue line)
The previous time it was at this level there was a strong sell off, and it is the first time returning to this area (yellow box).
116 is also a 50% fibonaci retracement level from the previous high
Good risk to reward ratio