Back above the 200 days MA - Breakout coming?

FX:EURUSD   Euro / U.S. Dollar
$EURUSD used USD weakness to climb above its 200 SMA line again, closing below the important 1.14 resistance zone .
$DXY             ( Dollar Index             ) is sitting on top of its daily 200 SMA line, a support line that will decide whether USD will resume its strength or start a deeper correction move. Thursday's Fed's announcement should determine the fate of the USD for the near future and it will probably determine whether $EURUSD will manage to break out of 1.14 or not.

In this week's newsletters, I tried to look at potential targets for $EURUSD breakout and from the weekly chart we see that 1.18-12 is a weekly structure zone that may be where $EURUSD will head to in case of a breakout.
Another potential target, longer term target, is the 1.24 zone (see weekly chart).

Now that $EURUSD closed above the 200 SMA line again, the critical support zone shifts from 1.1 to 1.12.

I've marked two possible trading scenarios that I intend to monitor during Fed's week. Both of them bullish , one includes a small pullback towards 1.12,

The potential target zone is 1.18 and the completion of the bearish Crab

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Last week's False Break to 1.14 put focus on 1.12 again -

Read this week's newsletter -
Seems like we're on the same wavelength recently...

Have pending orders to go long on a retracement there as well, except a bit lower.
Target: 1.2165.
There's a conflict between my bullish view on $EURUSD and bearish view on $GBPUSD. Both of them facing major resistance. I guess that eventually they'll both move in the same direction.. the question is which direction.
IvanLabrie themarketzone
Yes, EURUSD's upside is corrective, athough it can last for a considerable amount of time based on my time at mode signal.
Ultimately direction is down, check out my quarterly and monthly signals:

IvanLabrie IvanLabrie

Reached resistance zone. Testing 1.14 now.
I think we will see that pullback towards 1.12. Trying the short position.
themarketzone themarketzone
Nice R/R here
IvanLabrie themarketzone
I got out at almost BE today. Found a bullish signal confirmed yesterday. Can be a short a bit higher.
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