It seems like a correction is in the making between the orange lines after the daily upward impulse from 1.063. Currently, the B wave should be in the making. So, my expectation is the C wave for a complete running flat. But, before that impulse, it looks like more downside is more likely. That's why I want to take a short trade to hedge it at 1.16200 where we have a nice Fib confluence. I think we have a complete expanding flat under the blue trendline. If I'see a valid reversal structure, I'll place a sell stop order. That being said, I'll take a long trade if I see a correction for more upside.