The question...is the move already under way or will 1.38 be tested again (with a possible breach). Couple of ways to play this OR choose to stay on the side lines until further confirmation.
1st. See 1M & 1W below. We got close, but never hit my targeted PRZ. (see "approaching reversal zone..."). If you look at the daily, it could be said there are still LH & LL, thus still trending down to anticipated PRZ. That would indicated the 3/16 was (versus a HL).
The case could also be made 2/29 was the bottom and 3/11 - 3/16 - 3/17 is the beginning of a new up trend. (3/16 was a HL)
S.T. price action is once again . The question is will it turn positive well in advance of 1.405 or break the new support.
I would have already enter a short position if i had time to actively monitor the trade. I'm sitting on the side lines at the moment. If i were to enter, even 1/1.5 risk/reward would be challenging without actively managing the trade.