(0) We should expect for one more test of the 0.236 Fibonacci level at 1.3321 to enter short (1) Our expected bearish trend to break the channel could represent the fifth Elliot wave (2) In the 4th wave, we can see there is a decrement in the volume traded that let us know that the demand is not strong enough. (3) The price might keep going downward looking to hit the EMA200 representing one of the targets of the big drop. (4) This level matches the next support area around 1.3115 (5) Finally, our target also matches the 0.618 level of the last rally
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Trade closed: target reached
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SL was a little tight but still a successful idea.