The pair declined significantly and even ventured below the $1.1500 handle in Friday’s trade, printing a low of $1.1460 (weakest since November 2003). EUR/USD has since recovered to $1.1553 but momentum is firmly to the downside and traders will be looking to sell the pair into strength. Last week, I trailed the stop on this trade to $1.1760, which left the trade in a profitable position. I am now looking to trail the stop on the trade even lower to $1.1630, which is where the November 2005 low is. I feel headline risk will ramp up out of Europe this week, given we also have Greek elections on January 25. As a result, I’d rather keep stops tight to avoid being caught out by any reversals.