Entry: Sell at the 200 SMA (1.5750ish)
Stop loss: 150 pips (around 150% of its 20 period daily ATR)
Profit Target: 1.5300
Reward-to-risk ratio: 2.5:1
Risk percentage: 2%
Indicators used: 200 period SMA
200-period SMA is very significant. You can see in the past how it has served as a dynamic support and resistance.
The jobs data from the U.S. will come out this week, which means we may see a return to risk aversion.
Note: I'm a long term trader so I'm not afraid of holding this trade for more than a week. Just note that I'll be making adjustments to the trade that I won't be putting here.
I'm actually expecting it to go a bit higher...around the 1.58 area....of course my profit target is a little bit higher since I'm getting in a little higher, but maybe if it gets triggered I'll move my TP to your levels as they do appeal to me....when are more pips not more appealing???......=)....gluck!