Resistance:
1.25424 – 23.6% Retrace of October 15 to November 03 selloff
1.26067 – 38.2% Retrace of October 15 to November 03 selloff
1.27697 – October 29 high
Support:1.24385 – November 03 low
1.22873 – May 2012 low
1.20406 – July 2012 low
Trend : Bearish
Recommended position : Short
Studying charts of forex technical analysis will extract the following conclusions:
Analysis:
The cross has being traded within strong bearish price pattern of lower lows has materialized a confirm close below the support at 1.24999, the October 03 low. Currently the price has been consolidating since the opening this morning after the sharp selloff last week when it hit two year low at 1.24385, the November 03 low.
Scenario one: Last week weakness has seen extension to this morning low at 1.24385, the opening low, where the price rebounded from two year bottom targeting the resistance level at 1.25424, the 23.6% Retrace of October 15 to November 03 selloff.
Scenario two: Strong resistance last week has developed within two yearly low at 1.24385, the November 03 low. Following the recent events and a confirm close below the support at 1.24999, the October 03 low and trending indicators Bearish, MACD is firmly below its Zero line and RSI is below the 50 line we assume this setback since the opening is short-term rebound which would open a way for further downside extremes.
4H Chart: The
area 1.2519 – 1.2545 is a neutral zone.
If the price move upwards and close above the neutral zone, then the upward trading targets will be: 1.2585, 1.2615. 1.2650.
If price continue to move below the neutral zone, then the downward trading targets will be: 1.2436, 1.2400.
1H Chart: The area 1.2478 – 1.2495 is a neutral zone.
If the price move upwards and close above the neutral zone, then the upward trading targets will be: 1.2545, 1.2580, 1.2635.
If the price move downwards and close below the neutral zone, then the downward trading targets will be: 1.2390, 1.2350.
Note : You can find forex signals on Twitter, or receive them absolutely free and without any obligation to metatrader4 after completing the contact form on our website.
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.
1.25424 – 23.6% Retrace of October 15 to November 03 selloff
1.26067 – 38.2% Retrace of October 15 to November 03 selloff
1.27697 – October 29 high
Support:1.24385 – November 03 low
1.22873 – May 2012 low
1.20406 – July 2012 low
Trend : Bearish
Recommended position : Short
Studying charts of forex technical analysis will extract the following conclusions:
The cross has being traded within strong bearish price pattern of lower lows has materialized a confirm close below the support at 1.24999, the October 03 low. Currently the price has been consolidating since the opening this morning after the sharp selloff last week when it hit two year low at 1.24385, the November 03 low.
Scenario one: Last week weakness has seen extension to this morning low at 1.24385, the opening low, where the price rebounded from two year bottom targeting the resistance level at 1.25424, the 23.6% Retrace of October 15 to November 03 selloff.
Scenario two: Strong resistance last week has developed within two yearly low at 1.24385, the November 03 low. Following the recent events and a confirm close below the support at 1.24999, the October 03 low and trending indicators Bearish, MACD is firmly below its Zero line and RSI is below the 50 line we assume this setback since the opening is short-term rebound which would open a way for further downside extremes.
Alternative Approach of Forex Market
If the price move upwards and close above the neutral zone, then the upward trading targets will be: 1.2585, 1.2615. 1.2650.
If price continue to move below the neutral zone, then the downward trading targets will be: 1.2436, 1.2400.
1H Chart: The area 1.2478 – 1.2495 is a neutral zone.
If the price move upwards and close above the neutral zone, then the upward trading targets will be: 1.2545, 1.2580, 1.2635.
If the price move downwards and close below the neutral zone, then the downward trading targets will be: 1.2390, 1.2350.
Note : You can find forex signals on Twitter, or receive them absolutely free and without any obligation to metatrader4 after completing the contact form on our website.
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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