Now is not the time to short E/U imo, unless there is a strong break and close below 1.08. As long as 1.08 holds, the best thing would be to wait or try small longs from here.
Notice that price has been in a range for almost a year now, with 1.15 as the top and 1.05 as the bottom. As long as price stays under 1.15, look only to short. There have been several amazing trades this year for E/U shorts but also longs. Take the hanging man near resistance in May 2015, or the morning star the month before in April. This 1.15 and 1.05 range is extremely important and as long as it stays just play the tops and bottoms, but focus more on shorts.
Notice that price has been in a range for almost a year now, with 1.15 as the top and 1.05 as the bottom. As long as price stays under 1.15, look only to short. There have been several amazing trades this year for E/U shorts but also longs. Take the hanging man near resistance in May 2015, or the morning star the month before in April. This 1.15 and 1.05 range is extremely important and as long as it stays just play the tops and bottoms, but focus more on shorts.
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Edit: There is also the possibility of a move up to the 200SMA then a drop down from there. If that happens i.e there is a bearish candlestick pattern near it, I will short it, and hopefully it could be the move to break down below 1.05 for 2016. 2015 has been a range, 2016 will hopefully be a resumption of the downtrend.