I tried to short this pair on Tuesday and was stopped for -1%. However there is still a chance for the short set up to work out on the pull back today.
EU is in a mid term down trend
Chart below:
Price has pulled back to the 38.2% Fibonacci level and yesterday broke down through the averages providing a second chance at the short trade.
I have an order to open as below.
Entry levels and chart below.
Entry: 1.2550
Stop: 1.2590
Target: 1.2350 (5%)
I will update again if and when I am entered into the position
Regards
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