January's parabolic movement will explain why the pullback may not reach .382 fib level. still hope it will reach 1.35 for a big short. but consider the strong performance of other commodities block currency, especially NZD. i think UC should be in a downtrend and no chance for another rally to 1.32+. In anyway , we should set stop loss for every trade.
If you are a Fibonacci trader yes, the pull back might be a bit shallow. I try to keep things simple . Support - Resistance will do it for me. Well, GOOD Support - Good Resistance. Price is in a downtrend, bulls have been trying to take control of the market since April, but no success. 1,2775 support coming up, so will need to manage it and see if it can break through.