What does it means?
Do you mean you can short now?
To my experience, that depends.
We have our last long trade on EURUSD entered at 1.161, and with TP2 hit , only 1/4 size left with no risk because we always move our SL to our entry after TP1 hit. So that trade is under no risk.
So we can keep our 1/4 trade to see how it go without any hard feeling if OUR NEW SL hit. And the 1/4 trade still has a chance to have all targets hit.
For a trade that want to short EU, probably not a good idea to enter now without any observation. Just like us, there are still some buyers dont want EU down now, so sideways movement is possible used to kill all those buyers' trades.
Technically, it needs EU to move right to break the channel . So on that case, EURUSD would have a chance to 1.155-1.135 or make a new lows.
So technically analysis is one thing, your position is another thing that affect your trading strategy.
Less is more!