Legend for price level, trend line, and rectangle:
Dark Gray > Weekly Level
Blue > Daily Level
Red > H4 / H1 Level
Green > M15 / M5 Level
Yellow > M1 Level
D1 and H4 are both showing the overall trend is still down with price holding far below MA200.
However, in D1, price seems hold and currently rejected up with Bullish Engulfing pattern from major D1 support area 1.66845 - 1.67683.
In H1, for the last 1 week, price is moving within Rising Wedge Pattern and hovering around its MA200.
Trade Plan 1:
If price breaks down the confluences of support area around 1.67918 - 1.68075 (Price Structure, Rising Wedge Pattern) with great momentum to the downside, can consider to short the market to follow the downtrend momentum.
Since price is slightly above major D1 support, it may be better to wait for the first bounce back after the breaks down before entry.
For aggressive approach, can enter right at the break out level.
With Stop Loss 45 pips and Target Profit 140 pips, the potential trade offers 3.11 Reward-To-Risk Ratio.