Daily chart: price has just broken down and out of , did a pullback and resumed downward movement yesterday. Those who entered the trade can set their Stoploss (SL) at 1.12491 with Take Profit (TP): 1.08152
4H: We can see how nicely the price touches the that acted as former support and now resistance. the 12EMA crossed down over the 36EMA signalling and entry point.
1H: Price is now on short term support and may pullback to the 36 , providing 2 possible entry points for 2 differrent risk appetites. One can enter after the 36 has completed and the downward move resumes. This however will carry much more risk for possible price reversal as well as a pullback on the higher time frame (TF) which could knock out tight SL and bigger SL will put the account at a greater risk.
A better option would be to wait for the support to break and a pullback to test the new support turn resistance strength before shorting this pair.