EURUSD – Bulls Are the Winners

by May 28, 2020Setups

Yesterday’s Summary

Yesterday was a day when the bulls have pushed the price through resistance level that was holding price since 14.04.2020. Back then it was the first time price have tried to break this resistance and failed.

On the yesterday’s analysis I have pointed that in the bullish scenario we could see price making a price action signal. Price have done just what was predicted.

EURUSD Hour time frame 28_05_2020

Price have pulled back to 1.09371 support level and formed nice bullish engulfing bar on H1 time frame. After that, a pullback happened and formed bullish Pinbar. That was clear signal we can enter into buy trade.

After that, price have gone through resistance line at 1.09860 all the way up to the next  resistance area. That area is close to 1.10373 level which is now the next step bulls have to break.

As we can see, there are strong bull candles that are canceling bear candles which suggest that we could see price moving more higher.

EURUSD Daily Forecast 28_05_2020

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Today’s EURUSD Chart Forecast

Today we will see will the price make a pullback to 1.09860 level which now is acting as a support level. Price could make a pullback before trying to break above 1.10373 level.

EURUSD Chart – Bullish Scenario

To make that possible scenario we need to see some kind of signal that will confirm further move up. While we had a nice break and strong bull move we could see price stopping for a while. Bulls could take a rest before preparing next move.

Price could go sideways between these two levels, 1.09860 and 1.10373.

If bulls can find more strength, the next level after 1.10373 is 1.10755.

EURUSD Chart – Bearish Scenario

Bears have lost this game, at least for now. There are no visible strength that they could push the price back down. Their goal should be to bring the price below 1.09371 level in order to make it possible to bring the price even more down.

Until then, bulls are in control and they dictate the price movement.

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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