Protecting speculative trade management positions

Problem: A client has a profitable speculative FX forward position in euro/dollar and wishes to a) use a low-cost strategy to protect the profit of the existing long euro/dollar forward position and b) establish a new bullish position using options to address a more complex medium-term view.

Solution: In the first part of the problem, the client wishes to lock in some profit on an existing long-euro short-dollar cash position while retaining some upside potential. The strategy must match the