Forex Technical Analysis of EURUSD for August 01, 2014

Forex Technical Analysis of EURUSD for August 01, 2014 - Update

According to forex technical analysis for the exchange rate EURUSD on 4h chart, we observe the exchange rate to consolidate and to form a triangular formation. We can study this triangular formation much more better on 1h chart.

All the critical levels for today are as follows:

4H Chart

The area 1.3386 – 1.3393 is a neutral zone.

If price continues to move below the neutral zone our trading targets will be: 1.3335, 1.3300, 1.3250.

If price moves below and above the neutral zone our trading targets will be: 1.3450, 1.3490, 1.3550.

1H Chart

The area 1.3380 – 1.3390 is a neutral zone.

If price moves below the neutral zone our trading targets will be: 1.3360, 1.3350.

If price moves above the neutral zone our trading targets will be: 1.3410, 1.3430, 1.3470.

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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