EURUSD Forecast and Trade setup 15th May, 2014
Weekly Chart
- Note this is a uncomplete weekly candle however I want to show you the weekly chart as its coming into Support /phsych level 1.370 and also trendline support
- Will be interesting what weekly candle we will achieve by friday for long opportunity perhaps
Daily Chart
- Daily Chart is also showing the same clear Support Area. however we must take note that if you throw in Ichimoku studies, we have broken the support clouds which might suggest bearish momentum
- however the broken clouds does have a flat line which could be a false signal of bearish. so need to be cautious
- We must also take note that the strong selling momentum from the near 1.40 has bought the market dumping right towards the 1.37, so buying into this might not be a good idea (please see 4hr chart)
Hourly Chart
- Stochastics positive divergence which could signals a possible long trade, however I have not took it due to the extremely bearish momentum with vaguely any retrace
Outlook Trade opportunity
Bit of a risk to go either way . however if must trade, would take the long at support with the divergenceWill look more closely at the weekly close or daily chart for signals
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