Wait patiently for the break out to the downside before placing sell limit order for a 2R trade.
Many shorts will likely be faked out of the trade when the retest breaks the support level in red.
If the support hold, do not place any trade, neither long or short
Many shorts will likely be faked out of the trade when the retest breaks the support level in red.
If the support hold, do not place any trade, neither long or short
Comment:
There is also another reason why this might be a high probability trade. The 0.70000 level is significant psychology level. Trading is all about managing risks and adding up all the confluences to find high quality setups.