The daily EURUSD candle closed below the 5 EMA on Friday August 4th 2017. I expect price to close below the 5 EMA again. Therefore, I'm selling for the day.
I am selling between 1.24 and 1.12 for today only. I will be using fib retracement levels as entry points. The fib is derived from Friday's range and the levels extend all the way to 4.236 and -4.236.
Each trade consists of a 20 pip stop and a 60 pip take profit target with 0.5% risk and 1.5% reward.