EUR/USD 4-hour chart – top of the channel

On the 4-hour chart we can see that spot has reached the top of the upward trend channel and seems to be holding quite strong as a resistance. I’m looking into entering a short position over here.

Zooming into the 15-minute chart for an entry level, I notice that the 10EMA (blue line) has crossed below the 20EMA (red line). MACD and stochastics have also turned negative.

I entered into the trade on spot.

Trade

Short EUR/USD at 1.4148

Stoploss: 1.4195 (47 pips)

1^st Take profit: 1.4101 (move stoploss to breakeven at 1.4148)

2^nd Take profit: 1.4054 (94 pips)

Risk/reward ratio:  2:1

Happy Trading!

FxTaurian