AS WE SEE FROM THE CHART. PRICE ARE IN CORRECTION AREA. FROM THE DAILY TRENDLINE WE CAN SEE PRICE CAN GO BOTH WAY .
WE HAVE DAILY SUPPORT ON THE TRENDLINE AREA.
My opinion monitor candle as we can see possible for this pair making a bigger correction and bounce up.
This setup only valid if we see changes in price action.. if we dont see any LL on this chart this setup are not valid. Price need to close below last low.
Retracement only valid if the price move in correction way.
Analysis are base on technical and validity are base on certain requirement.