Hence I would be preparing to short at 1.178, just to give myself a good risk to reward ratio & most importantly for the market to fluctuate without hitting my stops prematurely. Of cos there is a possibility that EURUSD may not trigger my short 1.178 and I will miss this trend all together. This is an opportunity cost i am willing to pay for a better risk to reward ratio.
First target for my downtrend will be 1.1721 while second target at 1.16491. Will trail my stops if prices trading near first target.
This is not a buy/sell call, do double confirm with your trading plans. Happy Trading Everyone =)