EURUSD Forecast and Trade Setup for the week 26th May, 2014

EURUSD Forecast and Trade Setup for the week 26th May, 2014

Weekly Chart

• The three weekly candles are extremely bearish and closed last week breaking the ascending trendline
• There is Negative Divergence on the stochastic
• Ichimoku Study - Trading above the clouds

Daily Chart

• We have saw price flirt around the Support and Resistance zone / Ascending Trendline and was unable to stay above , therefore it is likely the market will test the next support zone.
• Saying that it would be ideal to sell on pull backs
• Ichimoku Study - Bearish (trading below clouds)

Hourly Chart

• The H4 chart shows that the basically we were trading in a very tight range last week, and by friday has failed to stay above .
• If market gives us a pull back scenario, I would be interested to sell (please see the blue zone on H4 Chart)
• Ichimoku Clouds - Bearish (trading below Clouds)

Outlook Trade opportunity

Short trades preferred - See H4 Chart and also Daily Chart

Risk Level LOW

Tips -

Always take note of any economical news event on our provided calender below