Price has been trending down over the past two weeks, higher time frames show price is ranging. Price has recently retraced and formed a pin bar
. The bearish pin bar
indicates sellers have taken control of price over the past 12 hours. Price is trading in between the 10 and 20 moving average and has retraced to the 61.8% fibonacci level. Based on these factors I am biased towards a downward move to the next level of support. Entry could be placed half of pin bar
and target placed at next level of support. Reward is 2:1.