The short was taken from the 5 minute chart at 0840, I waited for the close of the 0830 news candle which produced a big rejection 5 minute candle at 1.2690 mark. On closing this has produced a valid bullish rejection candle on the daily as well. My stop loss is based upon a 75% retrace of the low of the day, my take profit is based upon the next level of support at 1.24 handle. Lastly, I would consider a exit at the 20 ema or sooner based upon price action. As always, nothing is set in stone and all trades are managed as price action dictates.