1. Candles rejecting 21 daily
2. 50% fib retrace of previous down move
3. 0.7085 has previously held as Horizontal support is now holding as resistance
Quite a wide SL at 0.7106 because there is a very small chance that price could rotate higher to the top of the channel before selling off, as looks oversold, but I really think that's doubtful with so many areas of resistance in the way. In fact a push higher could be a good opportunity to add to the position.