We are in bullish mode on EURUSD currency pair
Here is the analysis and chart snapshots for EURUSD Forecast and technical analysis May 5 2014
EURUSD forecast and Technical analysis
On Monthly chart EURUSD shows us an extraordinary trend line break. It indicates us that a possible long term upward trend for EURUSD is just coming. Last month it has a nice bullish candle and this month the monthly candle opened just above the trend line. And price is just between the fobonacci 23.6 and 38.2 level
One weekly chart its just confirming the monthly trend line break, couple of strong bullish candle just made a position to go for long entry.
On daily chart you can see the pressure of the current market. Currency market is highly volatile now. EURUSD has two strong support now. one is 1.36780 and the next one is 1.3500. We will be bullish on EURUSD unless it breaks the support line 1.3500.
On H4 chart we can see the high volatility of EURUSD. It will be hard to do trade for low stopLoss trader. So scalper should be aware in the running week. A few pip stoploss will be absorbed by the current high volatility. We suggest to place trade with long term goal.