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On the daily, H4 & H1 chart, market continue its downwards trend....so I am gonna ride this trend until it bends! Though the weekly and the monthly charts are still bullish long term, I am willing to go with the momentum of the counter trend bias on my smaller time frames.

I am awaiting a decent retracement, I don't want to jump on the bandwagon in oversold conditions, so I am patiently waiting for the market to take a breather before I enter. Stochastics have already began to creep out of oversold territory on H4, but there is still room for the market to continue up, hopefully by the time it reaches my area of interest, stochastic should be overbought in order for my trade to be validated.

My area of interest is @ the 7765 handle which lines up with the 61.8% Fib Level. This area was resistance in the past then support. It seem to me that support has broken, hence I am looking for a retest of this level. My stop loss will be 100 pips @ 7865 and I will be eyeing recent lows as my first take profit and long-term take profit @ 7065.

I believe that this pair has more downside risk as the measurement of H & S pattern has not reached its targeted area of 7050. As price approaches 7765 I will look for price action in terms of candlesticks confirmation.

The plan is short @ 7765 SL @ 7865 TP1 @ 7465 TP2 @ 7065. I will also look for opportunities to add to my position every 100 pips that the trade moves in my favor.

I will keep you posted with all relevant updates.

Good luck and good trading!