The EUR/USD short has started to turn positive so it’s time to adjust the stops. The first entry at $1.4099 still has the original stop point of $1.4280 but, the second entry at $1.4175 should be moved to +5, or $1.4170. Of course, another option is to close both trades now and book 120pips (price is $1.4075 as I type this) of profit and look to re-enter on a down break of the rising trend line. I’m holding steady on this one.
As can be seen on the updated chart, price has fallen back to the lower trend line and is creeping along the rise. It is very possible to see one more push to top the recent high but, I believe that is a low probability. Instead, I expect the price to fall below the line and pick up some downside momentum once it breaks free. Whether or not it returns for a KOD is yet to be seen, and in fact, it’s a little premature to speculate on that move until it actually breaks down.
Until price breaks down, or blows upward, there is nothing else to do but wait. Book ’em, or let it ride? Going for the big pips means let it ride!