From daily chart, after channel up broke down, this pair perfrom Head & Shoulders pattern inside symetrical channel down. This head & shoulders pattern have not very good uniformity, coz we can see that almost triple head perform. But, a good right shoulder below left shoulders, at fibonacci 50 retracement inside channel down and with flat neck line is a good pattern in general.
to setup short with this pattern, we can set stoploss at 1.1983. why that level? because its : 1. above left and right shoulders 2. outside channel down 3. above 618 fibonacci retracement. and if that level broke up, this Head and shoulders pattern invalid, channel down invalid and fibonacci invalid too.
For target, we have 3 target here : 1. 136 pips neckline at 1.1667 (to avoid new rejection from neckline support) 2. 214 pips at -0.168 fibonacci projection AKA 1.272 fibonacci projection at 1.1598. (this level will retest neckline) 3. 568 pips target at 1.1238 as Head and Shoulders Projection