By taking a look at the monthly and weekly time frame, we can see the price is in a strong downtrend as the market structure remains bearish.

The price recently retested and rejected the downtrend line on the daily time frame and formed a head and shoulders pattern on the H4 time frame.

We will look to enter a short 1:1 RR trade on the breakout and retest the resistance area if the price is able to reject around 0.46100

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