Forex Technical Analysis of EURUSD for August 12, 2014

Observing the charts of Forex Technical Analysis for EURUSD exchange rate,  find that on 4h chart, price continues to move in the lower channel of the falling Andrew’s Pitchfork. Price was unable to break upwards EMA(50) and now is below him.

On 1h chart we observe that price return back and now is below EMA(50) and out from Andrew’s Pitchfork.

Applying the rules of forex technical analysis we identify all the critical levels and the trading targets for today, Tuesday, August 12 which are as follows :

4H Chart

The area 1.3377 – 1.3389 is a neutral zone.

If price move upward and close above the neutral zone, then our upward targets will be : 1.3432, 1.3445, 1.3475, 1.3500.

If price move downward and close below the neutral zone, then our downward targets will be: 1.3330, 1.3280, 1.3250.

1H Chart

The area 1.3374 – 1.3379 is a neutral zone

.

If price move upward and close above the neutral zone, then our upward targets will be: 1.3395, 1.3420, 1.3430, 1.3450.

If price move downward and close below the neutral zone, then our downward targets will be : 1.3355,1.3340, 1.3295, 1.3250.

We note the need to use stop loss levels. After all the above informations we can design a forex trading strategy in order to follow, which will have based on forex technical analysis.

You can study the forex signals in our page on Twitter and on Facebook.

Share