The Euro has been working its way lower over the course of the last few weeks, but it hasn’t been a really smooth ride. While there is a downtrend in place, on a number of occasions we’ve had spikes higher on an intraday level.

That’s what we saw yesterday also as price spiked up through, 1.1800 only for it to quickly do an about-face and retrace back to where it started. These are actually the types of opportunities I like to use to short, which is why knowing the important levels is so important.

I’m still focused on 1.1800 as the major area to short. I’ll also be riding the trendline lower as the week continues.

These are the key levels of interest for Tuesday’s trade.

Key Support and Resistance Levels