What I see
After the October bounce from the weekly support at 0.55824–0.56144, price has climbed into the D1 resistance zone of 0.56519–0.56877. It is currently trading at 0.56812, right at the upper edge of the zone. The latest candles are slowing down there and have not held above 0.56877 so far.
Key levels
- D1 resistance: 0.56519–0.56877
- Trigger: an H4 candle close below 0.5672
- Stop loss (SL): 0.5707
- Take profit (TP): 0.5600, just above the weekly support
My plan
I am at the upper edge of resistance, but I have no confirmation yet. If the next H4 candle closes below 0.5672, I will enter a short with SL at 0.5707 and TP at 0.5600.
If price instead holds above 0.56877 and pushes higher, the short idea no longer works. My invalidation is the stop level at 0.5707.
