Forex Technical Analysis of EURUSD for December 21, 2015 | Forex Signals Market
Sunday, December 20, 2015

Forex Technical Analysis of EURUSD for December 21, 2015

Support                              -   S1 : 1.0823 | S2 : 1.0779 | S3 : 1.0753
Resistance                          -   R1 : 1.0893 | R2 : 1.0918 | R3 : 1.0963
Main Trend                       -   Bearish
Intraday Trend                 -   Bearish

Studying the 4H chart of forex technical analysis for the exchange EURUSD, we realize that after the announcement of US interest rate the pressure for EURUSD lead price below EMA(50) and EMA(200), but the cross between them remain in an upward direction. Finally price close between EMA(50) and EMA(200). Also, we observe that the price move within the upper channel of Andrew's Pitchfork (blue lines).

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 1.0832  – 1.0859   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, 1.0950, 1.1000, 1.1030, 1.1060, 1.1100.

Bearish scenario: If price moves downwards and close below the neutral zone, then the downward trading targets will be: 1.0740, 1.0700, 1.0650, 1.0600, 1.0570, 1.0500.

1H Chart


The area 1.0839 – 1.0850  is a neutral zone.

Bullish scenario: If price moves upwards and close above the neutral zone, then the upward trading targets will be: 1.0890, 1.0910, 1.0930, 1.0950, 1.0975, 1.1000, 1.1030, 1.1060.

Bearish scenario: If price moves downwards and close below the neutral zone, then the downward trading targets will be: 1.0800, 1.0775, 1.0750, 1.0700, 1.0660.

There is no Harmonic Pattern on technical analysis charts.

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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