After a large drop , price rebounded up to the PINK .618 level , which coincides with the RED 1.272 and 1.414 extension of the recent leg.
High momentum rejection followed and price moved down until it found support at the ORANGE .
I expect price to find resistance at the PURPLE reversal zone between the .382 and . .
If price respects this level, I will look to short and take profit at the BLUE level.
If you look left, this has confluence with multiple levels of structure around the 1.736-1.74 prices.