Euro/Usd: Primed for 1.4718 or Overbought?

The euro is continuing to press higher but has not yet hit that 1.4718 resistance level that many traders have been watching for. In today’s trading the Eur/Usd retraced to the 1.4561 which took me out of my long position I opened yesterday for break even.

Today was fantastic thanks to Trader66 a fellow that I interact with on Twitter, whom I highly recommend you follow as he gives great tips. He informed me that the Eur/Usd was breaking out of a triangle on a 10 minute chart and I looked at the chart and made my entry. Thanks trader 66 🙂

Eur/Usd: Update

The current resistance level is at 1.4686 and the most recent support is at 1.4561. Keep watching the pair for a break of the 1.4686 to got to the next strong resistance of 1.4718 I would expect a bounce and strong pullback soon so be watching and waiting for that.

Here is a chart of the signal breakout of the triangle Trader 66 alerted me to.

I have published my trading log so you can view my trades so far this week. I highly recommend that you use a trading log and you can read more about that here.

Thanks for visiting and until next time. Le’ts keep the profits coming.

The following two tabs change content below.
Casey Stubbs is the founder of Winners Edge Trading, which is one of the most widely read forex sites on the web. Winners Edge Trading has trained thousands of people to trade the Forex markets.

Winner’s Edge Trading, as seen on:

Winner's Edge Trading in the news