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Thomas Long, Course Instructor

This 4-hour chart shows a move up off of the low towards a trendline that could offer that resistance.

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At the same time the Slow Stochastics is moving up above 80 into overbought territory. Traders can either sell a test of that trendline, sell on the Slow Stochastics crossover or look to the hourly chart for a move down through a support level to sell. Protective stops should be placed above this high with targets to take profit set at twice that risk.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.