Price broke below the neckline of a head & shoulders pattern signaling a new dowtrend. For those who missed the breakout the better option is to wait as most likely price will retraceto previous structure before selling off. In such case looking for shorts is a nice idea.
This pattern has completed at long-term resistance level - the sliding parallel of a valid slope median line set better seen in the weekly chart.
@monitorr, Yes but keep in mind that you should need a setup to complete. Trading just a level is quite aggressive approach. Keep in mind that should also watch for a safe place to hide your stop-loss..! Other than that, the level you mention is a nice selling point :)
@Fxprotrader, Excellent. Can you tell me where I can find information on how to recognise when the set up completes? I know what you mean because sometimes I short and it goes way past it then i stop loss and it comes tumbling back down again :D