I believe a double bottom shape will develop and will not penetrate the monthly 1.236, then it will go up. If the monthly 1.236 penetrated then the bias is for sell and the above scenario ignored.
Red fibo is the yearly fibo - most important. Green fibo is the monthly. blue fibo is the weekly.
I always use stop - small stop - Reward at least double the risk
I am on my phone now, cant post too many details, but it was a low risk trade for me, already closed some of my positions with profit and leaving the rest at break even if price retraced which i dont belive it will.
image The only thing that can prevent the price to reach it's target is .236 -- once its penetrated it's going to its target.
I believe it's going down, may be a double top will form, gets retested and go down a little bit
not risking a lot .. well manage as i see price unfolds at these areas