EUR/USD short *Updated

Hope everybody had a great weekend. I know I did, since school has been off since Wednesday :). But its Sunday and that means the start of the fx traders week, so lets get to it.

I've been bearish on the euro for quite a while now and I've found it very profitable to short euro's on any sort of rally. Also in this risk adverse climate i want to short it against a stronger or more stable currency in this case I'm looking at the USD. 

Levels

Entry: 1.3500 (s) (LE)

Stop: 1.3550 

Target: 1.2500 

Reason

Technical: 

Entry based on the 50% Fibonacci Retracement 

Enrty could easily be moved to the 62% level at 1.3530

Fundamental: 

• Continued headline risk in Europe as well as a widening recession which has started in the periphery and has begun to enter the stronger nations. 
• Resolutions on the table involve looser monetary policy and/or a round or printing euros.
• Should there be a default there will be a sharp down turn in this currency pair.

Notes

I like the risk reward on this trade and with all the headline risk any let up will most likely be followed by another fall. My only concern with this trade is that the order doesn't get filled. We'll see what happens.

________________________________________________

Update 10/8/11

Result of Trade
Gross P&L: $6.31
Roll: $0.00
Net P&L: $6.31

Final Comments: Trade went pretty well, I had the opportunity to watch it during one of my classes and just saw it tank 70pips in 5 or so minutes. So as to not be greedy I just took my money and ran. Position is closed and no further orders open for this pair so I've "forgotten" it already and I am just looking forward to the next attractive trade.