The pair is a clear downtrend on the daily, 4 hour and 1 hour charts. We are forming lower highs and lower lows. Price has rejected the downward sloping trend line acting as resistance twice. On the daily, 4 hour and 1 hour chart we have bearish engulfing formations. There is also confluence at the 0.50% fib level against the resistance line. Lastly, the Stochastic is in overbought conditions so this pair should head down towards the next structure low and key level of support.
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I assume trade will continue in direction of trend. 1.4000 is a key level where price should reject and perhaps my stop should have been above that. 3 trades this week that have stopped out and this tells me that my stop loss levels need adjustment.