Urgent rescue needed
Is there anything clever i could do to reduce loss?
No, unfortunately there isn't. EU has been consolidating for about a week or so, its been building up for the next move, either higher or lower. I expect there will be a gap type breakout move right when the market opens(or quite possibly before the market opens depending on your broker). If I were you, I would take the loss, right now. If your broker doesn't allow it, you'll just have to wait till your broker feed starts up. I think you will know pretty much right away which way your position will end up. If you open up your terminal and you see your position immediately another 50-100 pips against you, I guarantee you will get margin called(I guess at that point it won't matter much). If price breaks down in the early market hours, I would hold on to your position, you will most likely get back to break even, or possibly even get that 20 pips you were aiming for in the first place. 
stoplose
I opened a short on EURUSD at 1.2952 more than a week ago, with a hope of making 20 pips... it went 200 pips the wrong way since.. margin call will come at 1.3325....currently EURUSD is at 1.3157 Is there anything clever i could do to reduce loss? any hedging ideas?
the most clever thing for you to do is close your order there nothing you can do. always have a stoplose
and make as one of your strategy. Better close your order so there will be another day to trade on the
remaining of your account.
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I opened a short on EURUSD at 1.2952 more than a week ago, with a hope of making 20 pips... it went 200 pips the wrong way since.. margin call will come at 1.3325....currently EURUSD is at 1.3157
Is there anything clever i could do to reduce loss? any hedging ideas?