On our April 15 analysis, we suggested a long trade in EUR/USD which has paid off pretty well after the 1.123 level was not tested.

Right now we are considering short positions mainly due to decrease of overall volume during this recovery and due to the decline from 1.1445 being an impulsive one.

EURUSD H1 19-04-2016

We have initiated half of short position in 50% retracement and the next half will be filled if 61.8% is tested. Stop Loss is above 61.8% and possibly up to 78.6% retracement as those are the levels which should not be broken if EURUSD is to retest the April 13 lows.

While the entire price action of EURUSD is a messy one, as long as the 1.146 level is not broken, EURUSD should pullback.

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