EURAUD Trade setup and Forecast for the week 2nd June, 2014
Weekly Chart
- Weekly Stochastic are giving me a positive divergence.
- Depending how you see it, you can argue that there is a head and shoulder pattern, - although i see that, i am bias towards the upside because we did break some serious resistance, and if market is to continue to the downside, i believe market should try to test the 1.6
Hourly Chart
- Although i identified this pattern few days late, (i only came across this chart today), this setup is very juicy with low risk and good rewards.
- any retrace, would consider a long trade
- If i were to see this potential setup i would of had a pending at around the 78.6 / 88.6 with stops 10 pips below the X leg (100 fib)
- If trade was to get stopped out, the next support i would look at the weekly chart of my 78.6/88.6
Outlook Trade opportunity
H4 Long
Risk LevelLOW
Tips -
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