Resistance:
1.27637 – Last high
1.28500 – 23.6% Retrace
of May to October selloff
1.28852 – October 15
high
Support:
1.24996 – October 03 low
1.22873 – May 2012
low
1.20406 – July 2012 low
Trend : Neutral
Recommended position: Short
The dollar touched a three-week after the Federal Reserve confirmed it will
end its bond-purchase program amid improved conditions in the labor market.
Studying charts of forex technical analysis will extract the following conclusions:
The pair has plunged sharply since yesterday near
SMA200, extended its weakness has posting as a price pattern fresh lower lows.
This outright bearish event materialized a close below the lower trend line.
Option one: Upside from now should be viewed as recoveries in
near-term turned within downtrend which could prompt a setback to unwind
downside extremes.
Option two: Fresh sells has materialized a
confirmed close below the support at 1.26455, the 61.8% Retrace of Oct’03 to
Oct’15 advance. MACD is threatening to cross below its Zero line and RSI firmly
below the 50 line, triggering sells opportunities, paving the way for more sells
over the coming days, targeting at 1.24996, the October 03 low and deeper
selloff.
Alternative Approach of Forex Market
4H Chart: The area 1.2669 – 1.2695 is a neutral zone.
If the price move upwards and close above the neutral zone, then the upward
trading
targets will be: 1.2735, 1.2770.
If price continue to move below the neutral zone, then the downward trading
targets will be: 1.2560, 1.2530, 1.2495, 1.2458, 1.2400.
1H Chart: The area 1.2615 – 1.2625 is a neutral zone.
If the price move upwards and close above the neutral zone, then the upward
trading targets will be: 1.2650, 1.2680.
If the price move downwards and close below the neutral zone, then the
downward trading targets will be: 1.2550, 1.2535.
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We note the need to use always stop loss levels. After all the above
informations we can design a suitable forex
trading strategy in order to follow, which will have based on forex
technical analysis.
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