Currently in short positions based on the break of the counter trendline. This break was solidified with a retest of the broken line adding to the belief that the pair would continue its decline. Eyeing out 125.854 as my first target area and will watch how price will react to that zone. A break of the area and 125.354 will serve as my second TP area. EUR deposit rate is due today and a few key pointers to note on the same. I expect much of the volatility to come in during the press conference shortly afterwards. In the past, the market has always been reacting bullishly to Draghi's comments inducing more and more buys only to come tumbling down afterwards. That is what i anticipate later in the day( An initial stop hunt to the upside, above 126.529 and continued down move. Re-entries will be made ONLY IF price closes below 126.529 during this period)
Comment:
