The correction of the price was stopped after the formation of the new level of support, which contains the large . It means that the smart money opened their positions in this area. Moreover, the local uptrend supports a scenario of opening long positions.
We need to allocate the level of support 1.3320 - 1.3342.
This indicator shows that 77% retails traders are in short positions, which is a good additional signal for us (trading against the "crowd").
Consider Long Positions:
Given all these factors, we should give preference to long positions. We may open long positions after a smooth and slight downward correction of the price, in order to get a better entry point. A correction must be on the small . A stop loss should be placed below the with a little margin.
Around 120 points.
To learn more about order flow based trading, sentiment analysis and trading against the retail crowd see the educational article below -