EUR/USD Short Trade Setup with Target to 50% Fibonacci Level

Idea: I've initiated a short trade on the EUR/USD pair, capitalizing on the corrective phase following Wave I completion, as marked on the chart. The price action is retracing from the recent high at 1.12016 and has shown signs of weakening below the 23.6% Fibonacci retracement level.

The current setup aligns with:

Elliott Wave I completion, followed by a corrective move.
A break below the 38.2% retracement level at 1.10396, confirms bearish momentum.
The price now heading towards the 50% retracement level at 1.09895, which serves as my initial short target.
Ichimoku Cloud and Fibonacci Analysis support the short trade:

The price has fallen through the Ichimoku Cloud, reinforcing bearish sentiment.
The cloud acted as resistance after the break, confirming the likelihood of continued downward movement.
The 50% retracement level at 1.09895 offers a key support zone, making it a logical target for the short trade.
Trade Summary:

Entry: Short entered after confirmation of the break below 1.10396.
Target: 50% Fibonacci retracement at 1.09895.
Risk Management: A stop-loss above 1.10396 (38.2% retracement) to protect against a potential reversal.
I am monitoring the price action closely around the 50% retracement. Should the price break this level convincingly, it may open the door for further downside, possibly towards the 61.8% retracement at 1.09394.

PJB