Technical Outlook and Chart Setup:
The single currency pair has hit the first Fibonacci extension yesterday. The pullback towards 101.50/70 region should be seen as another opportunity to go short. As depicted above, in short-term support trendline is just passing through the 101.00 mark at this moment. A bullish bounce there would indicate a turn higher up, but a clear break down would open the way towards 99.00 level at least. It is humbly recommended to remain short, also the stops could be moved to a break even point.
Trading Recommendations:
Stay short, move stop to breakeven or around 103.00, target 100.10.
Good Luck!
