Look, the overall trend is bearish but the indicators are showing very strong bullish signals. I expect some profit-taking and a pullback from the current resistance. If the price pulls back to the 3.8130-3.830 range, a nice long opportunity may arise here. From this point, I expect a gradual rise with a good reversal move first to 3.9513, then to 4.0452, and 4.1139 levels.
- If the price breaks below 3.8130 with a strong candle and fails to hold above it, my bullish expectation will be invalidated and the drop may continue down to the 3.7203-3.6767 supports.
- To open a short, one should wait for a liquidity hunt or a strong reversal signal downward after a fakeout above 3.9513. I definitely do not recommend shorting without seeing a clear trap and reversal move above.