EURUSD – Bulls Are Testing Weekly Trend Line

by May 30, 2020Setups

Yesterday’s Summary

Price have moved more higher without making a pullback to the 1.10373 level. Price have managed to go further up after two H4 indecision candles have formed.

Bulls were strong enough to bring the price to the 1.11448 level which was close to 1.11619 resistance level I have talked about in yesterday’s analysis. The price also managed to break H4 channel.

Price stopped right on the weekly trend line I have drawn based on the previous price levels. Now we have weekly trend line that has stopped the price and we have H4 channel that is broken.

We can see that the price have bounced back to the channel trend line and have made bullish Pinbar signal. Weak bearish candle does not tell me that bears could take over at this moment.

I have corrected 1.11619 resistance level and now the next resistance is at 1.11710 level. That level have shown more strength in the past. That means it could have more strength in the future.

EURUSD Daily Forecast 30_05_2020

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Today’s EURUSD Chart Forecast

Bullish Pinbar that has appeared on the pullback after breaking channel trend line tells us that the price could find its way up.

Pinbar in this case acts as a confirmation of a break out, where the price could continue further up. In this case it is best to wait for the next candle to form and show us the current strength of the bulls.

If we want to enter into buy trade at this moment we should set stop loss right below Pinbar low and below confluence level.

EURUSD Chart – Bullish Scenario

Bulls are dominating through entire week but the price have reached the level which was the highest point on the previous bull run. On the 27.03.2020 the price 1.11467 was the highest point it was reached and after which price moved down for the entire week.

We are close to weekly trend line, on the daily time frame we have strong pullback which tells us that bulls have found strong resistance.

All these factors could make a problem for the bulls moving higher.

I am for bulls at this moment and I expect them to bring the price to the 1.11710 level before we could see bears stepping in. That level could act as a very strong resistance that could push the price back to 1.10755 level.

EURUSD Chart – Bearish Scenario

Bears have to find more strength to win the fight against the bulls at these levels. If the price falls down below 1.10755 level we could see bearish sentiment for a short period until they reach the next support and support is at 1.10373 level.

The strongest level the bears should break is 1.09860 if they want to change the direction of the market.

Until the bears bring the price to that support level I am for bulls.

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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