up

Pages

Forex Trading Tips - Week ahead of Jun 1, 2014



 EURUSD

  • EUR/USD moved lower to test Fib support at 1.3585 before bouncing back
  • MACD still bearish and Slow Stochastics is oversold
  • Chance for a bounce early this week. But it is better to wait for ECB
At the end of the week, the pair has bounced off 78.6% Fibonacci retracement level. With Slow Stochastics back in oversold territory, a more extended recovery is possible ahead of the ECB’s highly-anticipated meeting this week. Technical outlook remains bearish below 1.3675. But everything can change on the ECB’s tough decision on Thursday.

GBPUSD
  • GBP/USD fell below its 6-month bullish trend line 
  • MACD still bearish and is crossing the “0” level
  • Possible drop to support at 1.6660 (61.8 % fib level) or 1.6575 (78.6% fib level)
The GBP/USD saw a major break below its 6-month bullish trend on Wednesday, ending a great bullish trend. A deeper drop is possible heading into this week. MACD is trending lower under its signal line and the “0” level.  Slow Stochastics are not yet in oversold territory. For this week, a modest bounce is possible, but the overall bias will remain to the downside.


- By our Forex Order Management  research team. You can use the 'Forex Order Manager' along with any manual or  automated forex trading systems to maximize your benefits.