EURUSD possible short bias based on a break of Gann & Fib levels

EURUSD
I had placed a Gann Fan at the high on 8/2/17 and let it remain there while prices continue to close lower and trade a range for most of the month. It has been my experience that the Gann fans you leave alone for a time show how much their lines can be respected.

While price achieved a major high this week, it was firmly rejected, this can be seen very clearly on the weekly chart as well. The close of Friday showed some renewed pressure by the bulls to push higher, but bears decidedly pushed it lower and lower.

The key area I am looking at for a short is right near the daily close of Friday (9/1). We can see that it is at a key level of the down trend 8/1 Gann fan line AND it is right above the .236 Fibonacci level. If price does break and hold below those levels, I would expect it to range slightly on top of the up trend 1/1 Gan fan line. If we break below that, I would expect the pair to respect the downtrend line and confirm a test higher as a failed attempt, for now.


On my five tick Renko brick charts, I notice we have tested and failed some key support areas in this pitchfork channel. A break down out and down to test the 1.181 area will be key. We should get furhter confirmation of a change in trend and some bearish bias if that area breaks and holds.