Eur/Usd 4Hr Channel Range Trading Opportunity

By Casey Stubbs

The Eur/Usd has been trading in a range between 1.4519 and 1.380. I have clearly identified that on the chart  below so that you can see the range. The pair is in a strong uptrend but has not been able to crack the 1.4520 level. So this could be a good opportunity to buy a bounce off of the bottom of the range that is being challenged right now.

If the to does not get broken we could see a retracement to the fibonacci .382 level of 1.3990 or if the price does break to the upside we have the 1.27 fibonacci level of 1.4665 I mentioned this in my Eur/Usd Weekly post

Here is the chart Showing the current range.

The way I am looking to trade this:

Look for a bullish candle close off of the 1 hr or 4hr Chart and then take a long with my stop loss below the support level. I would open two lots and take profit on one near current resistance of 1.4500 and then move my stop to break even and attempt to let the price break out of the top and see if that happens.

Daily Chart with Long term Levels:

Euro Daily

Euro Daily

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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.

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