EURUSD: Monitoring the decline

EURUSD broke down sharply today, breaking the recent daily uptrend support, so we can look to take shorts from here onwards. A retrace to the red triangle's apex on chart would constitute a great entry, but it's unlikely to see much of a retrace, since we now closed below the monthly downtrend mode, a huge level. From here we could expect downside to below parity levels.

See related ideas for more information and our original short entry.

Cheers,

Ivan Labrie

Comment:

Once we slide past 1.1093, it'll be very good confirmation of further downside.
For the time being, hold shorts and move stop to 1.11927.

Comment:

I went long at 1.117, closed at 1.1236, stop was 1.11567. Flipped short once again at 1.1160, but using a wide stop.