Forex Technical Analysis of EURUSD for August 11, 2014

Observing the charts of Forex Technical Analysis for EURUSD exchange rate find that on daily chart the price despite the reaction on Friday continues to move in the lower channel of the falling Andrews Pitchfork.

The four-hour chart clearly demonstrates the upward break of the falling channel and formation of an Andrews Pitchfork with upward slope. The price located between the EMA (50) and the median line.

On hourly chart we can design the upward Andrews Pitchfork (yellow) and you will notice that the price is below the median line but finds support in the EMA (200).

Applying the rules of forex technical analysis all critical levels and trading targets for today, Monday, August 11, are as follows :

4H Chart

The area 1.3380 – 1.3397 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, 1.3295, 1.3250

1H Chart

The area 1.3396 – 1.3405 is a neutral zone.

If price move upwards and close above the neutral zone, then our upward targets will be : 1.3420, 1.3430, 1.3450, 1.3475, 1.3500

If price move downward and close below the neutral zone, then our downward targets will be : 1.3385, 1.3360, 1.3340

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.