This pair is currently testing well supported area around 0.7240-50. Luckily we are also witnessing the termination of CD leg from the pattern AB=CD right at the same level. This is simple & typical price action stuff folks. There are two ways to accommodate once stop loss, 1] Close the trade when price closes below support zone with momentum bar. 2] Place stop loss 15-20 pips below 127% extension of AB leg giving it room for playing out itself in Alt AB=CD formation. I personally will get out if price doesnt hold within this support zone because I interested in trading AB=CD only not Alt AB=CD.
Happy Trading.
Cheers!
Happy Trading.
Cheers!