Initial downtrend was started at around 1.60 since May Last month (June) it closed below initial trend, however it is clear, that the buyers is pushing up Now the price is actually at around May monthly support (that was broken by sellers forming downtrend - May)
Short position is taken based on the analysis : The buyers was not enough to push sellers who started initial trend Fail to break, the buyers were absorbed by big orders (assumed the big orders was started by big corporation and other institutional decision around the globe)
Hold sell but until price move up above Supply Area around its broken support