Firstly a look at the 4 hour chart.

EURUSD 4hour

As can be seen we have been on a good old downtrend for quite a while on this pair. However we are now back at the 38.2 retracement level and daily pivot point. So we need to ask if long positions are the best way foward .

Onto the 1 hour chart:

EURUSD 1hour

We can either watch this point where we are now (A)  for activity on either a break down of pivot or a bounce. I do have a feeling that if we bounce 1.34 is going to be hard to break unless a news spike punches it through which are pretty much impossible to trade anyway.

If we do bounce from here only get into a trade  with a nice candle stick signal. If we break to the downside then go short on a failed retest of pivot with a candle stick signal.