Forex Technical Analysis of EURUSD for August 27,2014

When we study the charts of Forex Technical Analysis for EURUSD exchange rate, find that on monthly chart, price break downwards the upward trendline and the EMA(50).

On weekly chart price is below EMA(50) and EMA(200).

On 4h chart price break downwards the lower line from Andrew’s Pitchfork and is below EMA(50) and EMA(200).

On 1h chart price is below EMA(50) and EMA(200) and MACD has positive divergence.

 

When apply the rules of Forex Technical Analysis we identify all the critical levels and the trading targets for today, Wednesday, August 27 which are as follows:

4H Chart

The area 1.3176 – 1.3188 is a neutral zone.

If price moves upward and close above the neutral zone, then our upward trading targets will be: 1.3225, 1.3250, 1.3289, 1.3335.

If price moves downward and close below the neutral zone, then our downward trading targets will be: 1.3125, 1.3100, 1.3085, 1.3050, 1.3020.

1H Chart

The area 1.3162 – 1.3167 is a neutral zone.

If price moves upward and close above the neutral zone, then our upward trading targets will be: 1.3178, 1.3190, 1.3215, 1.3240.

If price moves downward and close below the neutral zone, then our downward trading targets will be: 1.3135, 1.3115, 1.3090, 1.3050.

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.

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