EURUSD – Bulls are Still Holding

by May 21, 2020Setups

Yesterday’s Summary

Bulls have managed to drive the price even more up to the resistance level 1.09860 despite two long bearish Pinbar. Large Pinbar’s were not strong enough to push the price back in the range to make indecision on the market.

While the price have managed to go higher and cross highs of the bearish Pinbar’s it means that the bulls are still on the market.

After reaching 1.09860 level price bounced back with bearish Pinbar and smaller inside Pinbar. Price is now holding in the close range of Pinbar’s.

EURUSD Daily Forecast 21_05_2020

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Today’s EURUSD Chart Forecast

While the bearish Pinbar have pushed the price back from the resistance level  first support where it could find bull pressure is around 1.09550 level and 1.09220 level. There are smaller support level that could make small impact.

Larger support that price could reach if continues to go more down is upper side of the range area. Upper side from 1.08846 to 1.09028.

EURUSD have different pip range on each trading session in a day and on each day in a week.

EURUSD Chart – Bullish Scenario

While bulls are still in the game, strength they have shown in the last couple of days, we could see price moving more up if the bullish price action signal appears around 1.09371 level.

To see price moving more up it must close on H4 time frame above 1.09860 level which was resistance that did not allowed price to close above.

EURUSD Chart – Bearish Scenario

For the bearish scenario we need to see the price closing below upper side of the range area, below 1.08846 level. That will suggest that bears could move the price more down.

Bearish Pinbar’s that we had in last few trading sessions could push the price only 10-20 pips which is the sign that bulls are controlling this climbing.

While the price have hit resistance level that earlier have pushed the price far down it could suggest that climbing is done.

To confirm either bearish or bullish direction we need to see price closing above or below levels I have marked on the chart. Until then it is possible to see price moving up and down inside these levels of resistance and support.

The market is not easily predictable and we need to prepare our self for bullish or bearish scenario. Risk management is crucial in Forex trading so play safe and set stop loss.

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Frano Grgić

Frano Grgić

A Forex trader since 2009. I like to share my knowledge and I like to analyze the markets. My goal is to have a website which will be the first choice for traders and beginners. Market analysis is featured by Forex Factory next to large publications like DailyFX, Bloomberg... GetKnowTrading is becoming recognized among traders as a website with simple and effective market analysis.

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