Maybe from 1,3100? Well, on daily time frame here is an important key resistance. Meanwhile the momentum of recent rend is obviously the biggest among all trends (including and ) during last 2,5-3 years. Only in April-June/2012 we had such a high (or bit higher) . Momentums change during the lifetime of a trend, as from time to time normally Price retraces to previous levels. As we had no real pull back during this down move, sooner or later one will come. Ard 1,3350-1,3400 I was expecting for a small correction, but it did not happen, we just had some sideaway consolidation. Now at this 1,3100 key resistance I expect again some correction... but who knows, maybe it will again only move sideaway before reuming the .
If this resistance will break, the next lower is at 1,2785 - 1, 2800 .
We have to keep in mind, this is a clear and strong , so the main strategy has to be a sell on spikes. Some correction should happen, but not necessarely will. Recently I see some chance for the momentum to drop back a bit, but even if price pulls back, the corrective target I don't see higher than 1,3250-1,3300. There we'll have to look for sell signals to re-enter the trend.
I closed my shorts ard 1,3360, but when I saw the new acceleration and the break of the sideaway move on the lower side, I re-opened some shorts again. I will do the same now. I take profit here on the ballance of short positions I have, and will wait. I will try to re-sell again ard 1,3250-1,3300, unless it breaks lower earlier, as then I won't hesitate to re-sell below the key resistance.
p.s.: The real question here is how much you are for the Euro and how much you are for the USD at this point. As if your bias is towards a EUR, then probably you have to start looking at other crosses, which may have a lot better risk reward to short.