The blue bat could give us a good shorting opportunity (last one on the 1H chart didn't work out...).
It's a bit tricky though since the 38.2% retracement of the May 2014 to March 2015 is getting close and might be a target for many who have been long since March (if they didn't already cover some longs on 24 August).
Therefor the SL on chart may be too tight, widening doen't give good R/R though, so only consider setting it tighter if you're not sure if the short will work OK... Keep it above the last high (bat X) of course...
The monthly chart is still bearish (possible bearish flag correction phase we're in) but the weekly view is bullish. Then again if we can't hold it above 1.1500 then we could be turning bearish there also...
I'll also watch that 1.1800/38.2 ret. level closely, we could see some bearish reaction there when some longer term longs get (partly) covered.
It's a bit tricky though since the 38.2% retracement of the May 2014 to March 2015 is getting close and might be a target for many who have been long since March (if they didn't already cover some longs on 24 August).
Therefor the SL on chart may be too tight, widening doen't give good R/R though, so only consider setting it tighter if you're not sure if the short will work OK... Keep it above the last high (bat X) of course...
The monthly chart is still bearish (possible bearish flag correction phase we're in) but the weekly view is bullish. Then again if we can't hold it above 1.1500 then we could be turning bearish there also...
I'll also watch that 1.1800/38.2 ret. level closely, we could see some bearish reaction there when some longer term longs get (partly) covered.
