Long or Short: short
Entry Point: Look for re-entry on the back of last weeks weaker than expected U.S. NFP data. retracement to 1.24530 provided an ideal position. but id wait for a clear reversal before entry.
Stop Loss: 1.26400 or beyond on the daily. roughly 200 pips. move to cover risk when appropriate.
Profit Target/s: 1.19481 in 2-3 weeks time. Trailing stops after that.
Reward-to-risk Ratio: 2.5:1
Risk percentage: 1%
Trade rationale: Massive Head and shoulders formation on the weekly. Trend line broken then retested before looking bearish. Euro Crisis persisting in Greece, Spain and Italy.
Trade adjustments: Keep an eye on the Greece elections in 2 weeks time for possible sharp moves in either direction. if greece looks to leave the eurozone look for the price to head further south.