The Euro has entered a period of consolidation as of late.  The overall trend on the daily chart is still down, but the pair has not been making lower lows.  So, until the trend is broken, I'll still maintain a short bias, but I'll keep an eye open for a trend reversal.

Since the EUR/USD has been in a bit of a range for the past month or so, I'm looking to short at the top of the range.  Today, though, price hit the down trendline on the daily chart and appears to be respecting it.  So I'm going to throw a line in the water and see what I can catch.  I'll short just below the low of the current daily bar (which started at 4:00 CST), so price will have to move further in my direction before I'll enter.  My initial stop will be just above yesterday's high.

If I get stopped out, I'll watch for another short opportunity closer to the top of the range.

• Short Entry: 1.2723
• Initial Stoploss: 1.2856