On the daily chart, you can see the wick of the previous candle has touched my monthly level and a following extremely bearish daily candle suggests price will continue to fall from here. I believe it is in the process of retesting although I'm not sure where it will retest to so waiting for a short opportunity. I have plotted my fib levels on the daily timeframe. This could be the start of a downtrend but I wouldn't take the short until a strong bearish rejection off one of the fib levels. You can see a downtrend on the 4hr timeframe more clearly. If this goes in favour of a short, I'd expect it to at least reach 1.19315. I'm a beginner so please point out any tips or flaws in my thinking!