On the H1 chart we see a Trend line that has been broken to the upside and back tested before going higher. Any movement now to the upside should be sold between the 1.41000 – 1.42000 levels. The smart trade would be to go short at 1.41600 (61.8% of down move) with a 30 pip Stop and a target back down to the lows of 1.39000 or lower. You can also trade smart by shorting 1.40700 (50% of the down move) with a tight stop (10/20 pips) and a target to the bottom at 1.39000. Trade smart, use smaller lots in this correction and take profits quickly as you see the 50% being hit and watch price action to determine if it’s going higher or lower from this point.
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