Forex Technical Analysis of EURJPY for October 26, 2015 | Forex Signals Market
Sunday, October 25, 2015

Forex Technical Analysis of EURJPY for October 26, 2015

Support                              -   S1 : 133.375 | S2 : 132.923 | S3 : 132.481
Resistance                          -   R1 : 134.269 | R2 : 134.711 | R3 : 135.163
Main Trend                       -   Bearish
Intraday Trend                 -   Bearish

If we want to describe the 4H chart of forex technical analysis we have to say that price moves at the lower channel of Andrew's Pitchfork and below of EMA(50) and EMA(200). EMA(50) is above EMA(200) but there are suspicions that a downward cross is coming. We have to pay special attention to RSI who is rising from 30 level.

Considering all the details from the charts of forex technical analysis we can detect all critical levels and trading targets for H1 and H4 timeframes:

Forex Technical Analysis

4H Chart


The area 134.100  – 134.400   is a neutral zone.

Bullish scenario: If price moves upwards and close above the neutral zone, then the upward trading targets will be: 134.790, 135.150, 135.400, 135.750.

Bearish scenario: If price moves downwards and close below the neutral zone, then the downward trading targets will be: 133.200, 132.800, 132.400, 132.000.

1H Chart


The area 133.550 – 133.710  is a neutral zone.

Bullish scenario: If price moves upwards and close above the neutral zone, then the upward trading targets will be: 134.200, 134.500, 134.800, 135.200, 135.600.
Forex Technical Analysis

Bearish scenario: If price moves downwards and close below the neutral zone, then the downward trading targets will be: 133.150, 132.850, 132.250, 131.900, 131.600, 131.000.

On 4H chart, there is a Bullish Harmonic Pattern: Alt Shark [.618/.786/2.0]. Also, there is a Bullish Harmonic Pattern on Daily chart: HENRY.

Using the above elements of forex technical analysis, everyone can plan his own personal forex trading strategy. We note the need to use stop-loss levels.

You agree with our estimates? If you have another point of view, you can write your opinion in comments.

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