is approaching a Fibonacci and structure confluence zone which may result in the end of the current retracement. I will be looking to enter short once RSI
confirms the end of the retracement and looking for targets at a 127.2% extension. This results in a positive risk-reward scenario with stops at 1.4070. The green zone indicates profit targets and at that zone, there is both a Fibonacci level and an AB=CD
pattern completion. The profit zone is also near previous structure resistance
. Stops are placed in the red zone above the previous outside return as the trend will be violated if the price reaches that zone.
Risk: 155 pips
Reward: 240 pips