SCENARIO #1:
The price has nicely reacted to 1.3851-1.3864 zone, which is just around the 61.8 Fibonacci level of the previous downswing. These two levels define a zone for shorts, so look for any kind of weakness there to enter short.
SCENARIO #2:
If the current lower range boundary is breached and the price closes strongly below 1.3789, it would be time for further decline and shorts off that level are high potential opportunities.
SCENARIO #3:
A strong bounce off of 1.3789 might be a sign that the range-bound market continues, so intraday long trade setup around 1.3789 is likely.
SCENARIO #4:
A strong close above 1.3864 migh indicate that eur is about to go higher, so look for any pullback showing some weakness of bears to join the bulls there. Target for longs is at 1.3900.
Petr Suchanek
Forex, Futures & Options Trader
Email: psuchanek@smbcap.com
Twitter: @FlexibleTrader
StockTwits: stocktwits.com/FlexibleTrader
YouTube Channel: bit.ly/17jWiog
The price has nicely reacted to 1.3851-1.3864 zone, which is just around the 61.8 Fibonacci level of the previous downswing. These two levels define a zone for shorts, so look for any kind of weakness there to enter short.
SCENARIO #2:
If the current lower range boundary is breached and the price closes strongly below 1.3789, it would be time for further decline and shorts off that level are high potential opportunities.
SCENARIO #3:
A strong bounce off of 1.3789 might be a sign that the range-bound market continues, so intraday long trade setup around 1.3789 is likely.
SCENARIO #4:
A strong close above 1.3864 migh indicate that eur is about to go higher, so look for any pullback showing some weakness of bears to join the bulls there. Target for longs is at 1.3900.
Petr Suchanek
Forex, Futures & Options Trader
Email: psuchanek@smbcap.com
Twitter: @FlexibleTrader
StockTwits: stocktwits.com/FlexibleTrader
YouTube Channel: bit.ly/17jWiog