Petr Suchanek
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Petr Suchanek in Petr Suchanek - SMB Capital,

EUR/USD SHOWING STRENGTH

First I want to highlight that you can watch my analyses and trade ideas also on TWITTER (@FlexibleTrader) and you can also watch my LIVE TRADES on YouTube (here). So be sure to check out MY TRADING STYLE in more details!

Today´s blog post is a bit shorter than usual, since we have holidays in Europe and banks are closed and traders must have a bit lower expectations due to calm market movements. But on the other hand, still some news are ahead and the Americans might move the markets.

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The EUR/USD Currency Pair

made a nice move yesterday (about 100 pips) after the news release and it has shown strength by attacking some important resistances ( 1.3853, 1.3878). But is the Euro really as strong as it might seem now? Let us focus on the price action forming around 1.3878.

Now it really depends on how Euro reacts to this important pivot. Today I offer two scenarios, one for long, one for short.

LONG SCENARIO:

The price is now re-testing 1.3878 and provided that Eur remains strong, it will reverse up and head for another pivot at 1.3900. Traders should look for any sign of strength in the current pullback to join the pair in the upmove.

SHORT SCENARIO:

The price might also fall down significantly below 1.3878, I assume that a retracement to 1.3850-1.3860 might be that sign of weakness needed for this scenario. Then I would wait for a re-test of 1.3878, which is a high potential entry level for a short trade. In this case Eur might fall to 1.3800.

What are your favourites? I am looking for your feedback. 

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As usual, my trading idea is based on an uncoventional trading methodology used in our SMB Capital Forex and Futures Training Program.

For a deeper understanding you can join us on http://www.smbtraining.com/overview/forex-training

or you can watch my LIVE TRADING VIDEOS ON YOUTUBE.

In case of any questions or comments, be sure to send me an email or contact me via other social media as stated below.

Petr Suchanek

Forex, Futures & Options Trader

Email: psuchanek@smbcap.com

Twitter: @FlexibleTrader

StockTwits: http://stocktwits.com/FlexibleTrader

YouTube Channel: http://bit.ly/17jWiog

Training program: http://smbu.us/smbwh