1.38 Next on the EUR/USD Chopping Block

Past daily support and 38% fib. We've seen some nice breakdown from yesterday's EUR/USD trade that was closed out early but not until this morning's NYC session. Last night's UK session provided a lot of chop and the high spike would have taken out my stop by 1-3 pips. That being said, price has now moved back in my direction to about 150 points and I expect it to continue downwards to the 1.38 zone where I'll play the bounce.