The 0.618 retracement of the up impulse has appx. same level as the 1.272 extention of the first corrective downmove. this area gives me a high chance of reversal for the upside. stoploss level must go at least 10 pips below the beginning of impulse (124.60 something). very aggressive traders may watch for reversal candle at the given time and level and then...
my time projection gives me an additional clue that a change of direction at the red vertical line is in the making. i look at the corrective structure as one that may likely prepare the way for up move. it is likely that the already saw the first whole move down in that corrective structure (you may call it A to B wave + B to C) and now up (light blue arrow...
We'll trade both levels based on where price goes from here