Petr Suchanek

EURUSD AT A MAJOR DECISION POINT

FX:EURUSD   Euro Fx/U.S. Dollar
98 0 0
LONG SCENARIO #1:
The price makes a very strong break-out of 1.3950 and 1.3966 and closes strongly above. Then a higher probability is on the bull side, so I would focus on buying a pullback at around 1.3950-1.3960. But it is necessary to mention a round number 1.4000, which is not far above, so be careful with longs and get prepared for covering your long position after any sign of weakness at 1.4000.
SHORT SCENARIO:
#2: The price makes a break-out of 1.3950 and 1.3966, but then pulls back quickly below the major resistance. Then it is the time for potential short positions, target might be significantly lower, in my opinion 1. 3782             .
#3: The price makes no break-out of 1.3950 and 1.3966, but falls lower below from the current levels (to 1.3850-1.3860 zone). Then it is a sign of weakness and high-potential shorts may be taken at the re-test of 1. 3900             with the target at 1. 3782             .

Petr             Suchanek
Forex , Futures & Options Trader
Email: psuchanek@smbcap.com
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