SHORT and LONG on EUR/USD

On the weekly timeframe price formed a M or (double top) pattern and has been falling ever since.

Currently, price has broken a major support area and is now retesting it as resistance. It is possible that price can break back into this old support zone and start going up, or after retesting the zone as resistance it can fall from there.

I am looking to capitalize either way.

Here are the plays I will be taking on this pair.


PAIR = EUR/USD
ORDER TYPE = BUY STOP (PENDING ORDER)
LOT SIZE = Micro lot (0.01) (0.02)
ENTRY PRICE = 1.14175
STOP LOSS = 1.13843 - 33 PIPS / $3.30 LOSS
TAKE PROFIT = 1.16794 - 261 PIPS / $26.10 GAIN

PAIR = EUR/USD
ORDER TYPE = SELL STOP (PENDING ORDER)
LOT SIZE = Micro lot (0.01) (0.02)
ENTRY PRICE = 1.21481
STOP LOSS = 1.14032 - 155 PIPS / $15.50 LOSS
TAKE PROFIT = 1.08125 435 PIPS / $43.50 GAIN