In this chart we can see the following:
To place the stop loss I'm taking into account a possible fake-out near the resistance so I don't adjust too hard.
To sum up, short the resistance.
- The pair made a double floor so it is considered initiated a new bullish momentum.
- We see a lower low (first green arrow).
- At the end of 3, the pair shows signs of starting a lateral period between the values 1.29833 and 1.27603.
- The scenario is attractive, between the two values there are 200 pips.
To place the stop loss I'm taking into account a possible fake-out near the resistance so I don't adjust too hard.
To sum up, short the resistance.