Eurusd has been falling almost 90 degrees south without any significant retracement. With the recent rumors of greek being removed from euro, it makes matters worst. It is obvious that a short position is favored (why try to catch a falling knife?) but question is where would an entry give us a low risk high risk to reward ratio?
The previous week low, 1.24951, would be a good place may retrace to before head south further. This coincides nicely with fibonaci ratio 31.8% which is a very common level for price to retrace to. Price is unlikely to retrace to the next possible of either 50% or 61.8% since bears are firmly in control.
On D1 chart, 1.24951 appears to be a month support in the past. With the head and shoulders in D1, the potential target is 1.12. Of course, exercise sound trade and money management strategies. I will be selling rallies everytime price retraces up.