On the weekly timeframe we have our two key levels at 1.42000 and 1.33500. Price is looking like it has a lot of room to come down as it closed last week extremely bearish. We will look for shorts on the lower timeframes and see how they shape up.
On the h4 timeframe we are clearly within a downtrend. We have just broke a small HL that formed at 1.3800 level and now are in position to enter on a retracement. The second key level comes in at 1.37400 area. I will be expecting price to bounce off of this support zone before finding resistance at the upper level. I have two trade options here. The first option is if price breaks the 1.37400 level before retracing then we will look for shots must quicker. The second option is if we do get the retracement. In that case I will place a Sell Limit att 1.3800 with SL at 1.38550 and TP at 1.36800.