Medium term: It is in the awesome downtrend and likely to go down further. I can see it can swing down to 1.15 level.
Immediate term: We are now the congestion of 1.173x level. So, there may be some sort of bounce as well. So do not add short aggressively without considering any shortfall. It may even go to 1.19 level.
Verdict: I am still bear on this one but I will wait at a higher level to enter short again.
If the trade goes as per the plan, we can easily get 100 pips or more.
This analysis is purely my personal feeling/opinion.
This should not be considered as trade call.
Money can be won, but money can be lost at the time in trading.
So, I advise you to do your own due diligence before entering any trades.
I will look for another short reentry at higher level.
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