The Euro moved lower against the British Pound after showing a bearish Dark Cloud Cover candlestick pattern below resistance in a falling trend line cluster (now in the 0.8270-96 area). Prices are hovering near the 23.6% Fibonacci expansion at 0.8212, with a move lower from here targeting the 38.2%level at 0.8167. A break below this boundary exposes the 50% Fib at 0.8131. Alternatively, a reversal higher aims for 0.8274 anew.
As we noted earlier, a reasonable invalidation point to establish a stop-loss on a short trade is the