We are in a similar posiition here, we just left a bullish engulf from a harmonic pattern, but it lost strength fast, and unlike it's friend AUDUSD, it didn't show any sign of early recoveries on the other indicators. If a breakout below happens, you should expect a 4H/D downtrend confirmation, and break the D/W/M major support. Still, it's a risky trade, make your stop losses tight.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.