EUR / USD is in a long term down trend. Price has retraced to the 38.2% Fibonacci level.
Chart below:
At the 38.2 Fibonacci retracement level price has formed a Double Top at 1.3150
Chart below:
Price has now broken down through the averages and pivot points allowing a short position to be considered.
My entry Levels and chart are below.
1st Entry: 1.3040
2nd Entry: 1.3050
Averaged Entry: 1.3045
Stop Loss: 1.3070
1st Target: 1.2920 (5%)
2nd Target: 1.2860 (7.4%) Fibonacci extension level
Chart below:
I will update again should the trade be triggered.
Regards
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