[B]My picks:[/B] stay short EURUSD, move risk to 1.3205, target 1 at 1.25, target 2 much lower (long term)
[B]Expertise:[/B] Technical
[B]Average Time Frame of Trades:[/B]
There is absolutely no reason to alter the bearish outlook on the EURUSD at this point. Risk can be moved to 1.3205 however. Structure on the daily is clear thus I maintain that a 3rd of a 3rd wave is down within the 5 wave decline from 1.60. A short term Fibonacci extension at 1.27 is a short term bearish target (long term target is much lower). I expect a break below the false channel soon. RSI on the 240 minute chart is just above the oversold level. If this is a 3rd of a 3rd wave, then RSI should fall into oversold territory and stay there for a while.