Price has broken the support at the B point and since re-tested this area as resistance. As most traders will know, acts as a magnet, pulling price towards key levels. As are in themselves price action formations built around key levels in the market, this approach normally works very well!
The next level of support is actually a key level on the daily and weekly timeframes. I like to wait for a re-test of the resistance before entering, which has already took place, and I'm also looking at the symmetrical triangle that is forming on the 30 minute chart. I have already entered, however if you feel you need further confirmation, feel free to follow this also (see below).
B = 0.382-0.5
C = 0.382-0.886
D = 1.618-2.618
X to D = 0.886
Risk to reward is 1:3 as I feel this gives us a good average return whilst keeping a healthy stop loss for any that may occur.
I will re-assess the bat as a whole once price has reached the PRZ.
Again, I am in this trade at the moment so feel free to enter, or wait for the break of the triangle.
Good luck everyone!