Since the pair is bearish, I would be happy to see it reach 1.1600 or 1.1630 at the most. If it does get to either level, I will then have to reassess. (Sorry, I was looking at the wrong chart before.)
I suppose we were looking at the same levels... Have you any explanation about why it didn't reach that level?
No, but I’ve heard it’s a good idea to stay away from round numbers. Scott Barkley of ProAct Traders has a theory about all that stuff, but I don’t pay much attention to it because I manage my trades and let price action tell me when to enter and exit positions.
The way I see it, at 1.1570 EURUSD has a decision to make. Does it adopt a new intraday bullish sentiment by continuing to climb from this level or does it turn around to rejoin the dominant bearish bias? Since the short-term trend is all positive, I have set my take-profit target at 1.1585 and my stop loss at 1.1565.
Eight hours ago EURUSD turned intraday bullish in my eyes, but now @ 1.1585 (19:00 GMT) I am once again shorting the pair.