Support - S1 : 1.0561 | S2 : 1.0529 | S3 : 1.0490
Resistance - R1 : 1.0631 | R2 : 1.0669 | R3 : 1.0701
Main Trend - Bearish
Intraday Trend - Bearish
On 4H chart of forex technical analysis for the exchange rate EURUSD, you can see the price move within the lower channel of Andrew's Pitchfork and below EMA(50) and EMA(200). The downtrend is strong enough and all the positive divergence to MACD was unable since now to cause an upward reaction.
Considering all the details from the charts of forex technical analysis we can detect all critical levels and trading targets for H1 and H4 timeframes:
4H Chart
The area 1.0594 – 1.0610 is a neutral zone.
Bullish scenario: If price moves upwards and close above the neutral zone, then the upward trading targets will be: 1.0650, 1.0690, 1.0720, 1.0760.
Bearish scenario: If price moves downwards and close below the neutral zone, then the downward trading targets will be: 1.0545, 1.0495, 1.0468, 1.0420, 1.0375.
1H Chart
The area 1.0590 – 1.0596 is a neutral zone.
Bullish scenario: If price moves upwards and close above the neutral zone, then the upward trading targets will be: 1.0615, 1.0635, 1.0650, 1.0665, 1.0690.
Bearish scenario: If price moves downwards and close below the neutral zone, then the downward trading targets will be: 1.0567, 1.0545, 1.0500, 1.0468.
There is a Bullish Harmonic Pattern on Daily chart: 1.618xAB=CD
Using the above elements of forex technical analysis, everyone can plan his own personal forex trading strategy. We note the need to use stop-loss levels.
You agree with our estimates? If you have another point of view, you can write your opinion in comments.
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