I have been watching and profiting from the EURUSD slide the past few weeks but think we may be ready for a retracement. FIB retracements from recent lows back to mid January highs line up well with past s/r levels and are good targets for me. I have a trade I put on this morning going long to the .618 less a bit of padding. Initial profit target = 1.3947. If we break convincingly above the 62 on the 4 hour I’ll move up my stop and target profits.
On the other hand, if the pair goes the other way (Greece news bias to the upside but you never know), my stop is just below the recent lows at 1.3570. This would just mean time to wait for another chance at a retracement for me. I attached a big pic view using the 4 hour charts. I used the 1 hour for timing of the trade.
Safe trading,
Mike