Basic chart analysis

Hello

I wanted to post a chart for a trade I am in for the week ahead. As im learning, I thought id post it here. Hopefully some one can critique. The objective is for me to understand if I should stay in this trade or scale out. To me it looks like it has broken a key support

1, I can see the monthly is bearish but we are in some sort of retracement, probably even ranging
2, The weekly chart looks bullish except for the candle we are in now
3, On the daily it looks like it is falling to the 50% level, and has passed or is passing some sort of prior strong support. I dont know if that fibs right ( I took the last decent high and last swing recent low)

I entered at 1.9366, so Im debating staying in, as im leveraged and my stop is a good few pips away now
any feedback would be good

Thanks

the 4 hour

As price has broken down through the 07/05 swing low I have this marked as a short only. It doesn’t meet my downtrend set-up criteria as the 20EMA is above the 50 which is above the 200. So this would have to be a swing trade for me, not a trend-following trade. To get into a short swing trade on this, I am looking for at least 3 consecutive days with higher lows and higher highs than last Friday, allowing an entry on Day 4, below the 3rd low. All this is standard stuff and I accept missing the immediate opportunities this break-down presents.

According to me, now it’s a bearish trend; until we get such an impulsive move from the buyers.