I think everyone will be shorting EUR/USD on R1 pivot point today, which converges with a significant resistance level according to price action. Not to mention that 1.2575 has been the R1 pivot two days ago!
I will be using a pretty tight stop loss (5 to 10 pips) and will be looking to scale out, should the prediction be confirmed, at:
1.2540: Out 60%. 1.2375: Out 20% Trailing stop for the remaining 20% of the position.
Question is, will Euro pull back to R1? goo.gl/kcYgQQ
Hahaha perfect call to the pip at 1.2375 nice job! Do you think it will retrace back to 1.25 area before continuing to fall?
JimMakos
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Since I'm expecting a new low for EUR/USD and given Friday's filled red candlestick, retracing that much sounds unlikely. On the other hand, should it pull back, 1.25 is a great price level to short, resistance becoming support, round number and all!