Forex Signals – EUR/USD At 4650 Resistance

Daily Outlook: Our short from yesterday got to our third target at +80 but we ended up closing for +50 after we decided to let the trade run and it turned around to hit our tightened stop loss.  We entered the short in yesterday’s signal as CP kicked up a strong Three Inside Down signal (our favorite) and the pair appeared to be a touch overbought. Lots of good trade setups today on the 4h chart:

(click to enlarge)
Today the pair still appears to be bullish as there are still multiple support fan lines underneath our price action, but a bit of a wedge has formed on the 4h charts with resistance at 1.4660. A sustained break above this level will open up the top side with 4715 and 4800 looming large above, while a sustained break below 4550 will form a potential double top formation on the 4h and 1h charts with downside targets down to 4420 in the short-term.

Trading Idea: Lots of trade setups today that we will be watching:
First we’ll keep our primary as a long on a dip to 4550 (where rising trend support is). We believe if we see a dip to this area there at least be a bit of a bounce, especially with candlestick confirmation. Targets at 4575, 4600, 4630, 4660 for 110 pips profit.
We will also look to get long on a sustained break above 1.4660 on 4h or 1h charts with targets at 4680, 4710, 4740 and 4770 for 110 pips.
For bears there is an opportunity to get short at 4650 with candlestick confirmation (we will look at lower timeframe, high win % signals for scalping this area) with targets down to 4550, and an opportunity to get short on a sustained break below 4550 with targets down to 4420 in the short term.

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