There is a lot of Fundamental analysis for today. Thus we need to be very careful with all the sentiment made by announcer. Lets us see what we have for today.
Every hour has news. The interesting is German Unemployment change. It will measure the number of unemployed people during the previous month. Forecast said it will be worst. The usual effect is when Actual < Forecast = Good for currency.
Using this M15 chart, we can see that all indicator said the movement is on top. For the SSD said it is already overbought. We need to confirm the direction once the SSD crossover the overbought level (redline). Thus once the candle breach the blueline and will appear red ball on top, we will follow the downside movement.
The pound also has the same movement with EUR/USD as above. So the explanation also just follow as above.
If you can see above, Short position is still in there from last night. That is why if we didn't put the Stop Loss the market will carry you on.
Trade Well :)