I am now looking to short this pair after a possible re-test of the and/or S/R zone around 0.7333 (where I thought the bounce would come according to my previous idea).
My sell limit orders are set:
4 trades on chart with good R/R, SL above the last high, profit targets based on fib. and/or structure levels, final target is the higher timeframe "up" seen below on the left chart (TP4 not fixed).
I will also set a sell stop below 0.7300 with the same targets (still deciding on SL) in case we fail to re-test the S/R zone or above.
The red arrow depicts the alternative scenario, i.e. back up to the 'down' or the higher timeframe .50 fib level (where the up trend seems to have ended) for a possible formation. If the current setup fails I'll be looking to short there
Looking for countertrades now.