Forex Technical Analysis of EURUSD for November 09, 2015 | Forex Signals Market
Sunday, November 08, 2015

Forex Technical Analysis of EURUSD for November 09, 2015

Support                             -   S1 : 1.0663 | S2 : 1.0586 | S3 : 1.0471
Resistance                         -   R1 : 1.0855 | R2 : 1.0970 | R3 : 1.1047
Main Trend                       -   Bearish
Intraday Trend                 -   Bearish

On forex technical analysis of 4H chart is very clear that the price moves within a downward channel and at the lower channel of Andrew's Pitchfork. There is a downward cross between EMA(50) and EMA(200).

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 1.0820  – 1.0851   is a neutral zone.

Bullish scenario: If price moves upwards and close above the neutral zone, then the upward trading targets will be: 1.0900, 1.0945, 1.0990, 1.1020, 1.1075, 1.1120.

Bearish scenario: If price moves downwards and close below the neutral zone, then the downward trading targets will be: 1.0630, 1.0570, 1.0500, 1.0400.

1H Chart


The area 1.0755 – 1.0770  is a neutral zone.

Bullish scenario: If price moves upwards and close above the neutral zone, then the upward trading targets will be: 1.0790, 1.0815, 1.0830, 1.0865, 1.0895, 1.0915, 1.0950.
Forex Technical Analysis

Bearish scenario: If price moves downwards and close below the neutral zone, then the downward trading targets will be: 1.0700, 1.0665, 1.0600.

There is a Bullish Harmonic Pattern on 1H chart: .786xAB=CD, also there is Bullish Harmonic Pattern on 4H chart: .786xAB=CD.

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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