Looking at the higher time frames, there is certainly further downside potential for this pair. On the 1hr chart we're looking at a re-test of the previous low with our entry signal being a lower low lower close candle in the red zone.
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Although it looks like there will be a lower low lower close candle in the kill zone, the trade has become invalid as the upward move has pushed higher than the previous high. Whilst it would be tempting to take the trade regardless (and have about a 1:1.5 risk reward!) we must respect the trading plan rules.