This is a longer term trade (most probably a couple of days) and the Risk/Reward ratio is good. However, as X is over 100 pips away and stops need to go below that we are looking at a quite large stop loss, so make sure that you check the risk profile before you enter this trade. A potential reward of 270 pips to target 1 and 450 pips to target 2 could be yours.
Good luck and may the pips be with you !
So, summarized, daily could see some further downside, 240 a small retracement to the upside very likely. Does that answer your questions ? :)