As you can see from the chart below EU has been in a downtrend for some time.
I have been waiting for pull backs before trying shorts.
Price has pulled back to the trend line above and 78.6% fib retracement.
Chart below.
Price has now broken supporting trend line, price has also broken through the averages and pivots points on the back of more bad data from the Euro Zone (Final Manufacturing PMI and Unemployment figures)
This gives me a good opportunity to get short on the retest of the previous support now resistance.
Chart and entry levels are below.
Entry: 1.3205
Stop: 1.3245
Target 1.3005 (5% and previous support)
I will update should the trade be triggered and when I intend to move the stoploss.
Have a good day
Regards
Scott
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