EURUSD Two Possible Scenarios

EURUSD is at a very critical point right now... we are calling the 1.12250 level marked off with a red horizontal line the "line in the sand". The reason why this level is so important to us right now is because the overall long term trend for this pair is clearly bearish as shown below, however this latest miss with NFP has caused an aggressive rally. Where the red line is drawn is a very likely place for price to reverse at and rally again to make a new high and continue to the upside.

However if we fail to hold this level as support we will likely break out of the initial short-term up trend line drawn in blue and that will give us a good shorting opportunity for a quick scalp down to the second medium-term up trend line drawn in blue. If we can break that trend line then we have a lot of room to go lower.

Please do keep in mind this upcoming Brexit referendum which will have a HUGE effect on all EUR and GBP pairs so you will have to be careful trading them.

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