EU in in a down trend. The past few weeks has seen price pull back to 1.2750 the 50% Fibonacci of the last push down from a high of 1.3485 to a low of 1.2280.
Chart below.
Today there has been a return to USD strength and price has broken down through the averages and pivot points.
I am therefore looking to enter a short position on a pullback.
Chart and levels below.
Entry: 1.2640
Stop: 1.2675
Target: 1.2465 (5%)
These levels may change slightly as the pullback commences.
I will update again tomorrow morning.
Regards
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