👉Primary Plan (Bearish Continuation):
Entry: Enter a short at 2.1893 if bearish confirmation occurs (e.g., a bearish engulfing candle).
Stop-Loss: 2.2000 (above the current price).
Take-Profit:
TP1: 2.0587 (prior swing low).
TP2: 1.9000 (order book support).
Risk-to-Reward: 12.21:1 (as calculated above).
Monitoring: Watch for support at 2.0587 and 1.9. Be cautious of a potential bounce at 2.0587.
👉Alternative Plan (Bullish Reversal):
Entry: If the price holds at 2.0587 and shows bullish confirmation, enter a long at 2.0700.
Stop-Loss: 2.0500 (below 2.0587).
Take-Profit:
TP1: 2.3027 (38.2% Fibonacci retracement).
TP2: 2.3728 (61.8% Fibonacci retracement).
Risk-to-Reward: 11.64:1 (as calculated above).
Monitoring: Watch for resistance at 2.3027 and 2.3728.