EURUSD Chart – Waiting for the Breakout, May 15

by May 15, 2020EURUSD Forecast

EURUSD trading pair have stopped on the strong confluence support level. It has moved just like it was predicted by the yesterday’s analysis.

If you want to read what I was talking about yesterday you can check it on yesterday analysis.

Yesterday’s Summary

Price managed to move down to the confluence support level and then stopped. Small pullback to the first resistance level was not reached because of strong bear power.

The bears power made strong bearish Pinbar which confirms that the price will hardly move up.

The support is still holding even after the price touched the level in the last 3/4 H4 trading sessions. In the last H4 trading session price managed to find its way up but it could not close above previous highs. There is not enough bull power to hold the price up.

Currently we have indecision H4 candle which suggest us that the market is preparing to make a move.

EURUSD Daily Forecast 15_05_2020

Get Access to the Same “New York Close” Forex Charts

I am Using in My Analysis

Today’s EURUSD Chart Forecast

While it is Friday, today will be the day with possible moves that are not clear enough to enter into the trade.

We could see price moving up and down because of many sellers and buyers getting out from the market.

While it can be hard to predict movements on this day it is best to wait and just watch what will happen.

Price could move up to the first resistance level, at 1.08275, and bounce back down to the first support level at 1.07825.

It could stay for the whole day in this small range area because there will be no strong market participants to move the price in any direction outside these boundaries.

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

EURUSD Chart – Bullish Scenario

Bullish scenario is less likely at this time because of strong bearish candles in the last several trading sessions.

There is no bullish candle that could suggest strength and that could drive the price back in the old range area.

While we cannot rule out bullish scenario we should be careful and wait for the right price action signal.

If the signal appears today it would be better to stay out until the next week because signal that appear today could be less valid.

EURUSD Chart – Bearish Scenario

Next week I expect price moving down through support level. While the support level is really strong there could be strong break down which could drive the price to the 1.07356 support level.

To be valid break down the best is to wait until the price makes bearish price action signal that suggest price managed to break strong support level, 1.07825.

After that, small pullback to the 1.07825 with bearish signal would be good entry for sell order.

If there is no clear signal the best is to wait outside of the market.

While the trading signal appears all the time on EURUSD it is not a problem to miss some opportunities for the sake of protecting your trading account balance.

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.

Leave a comment with your opinion will the market break down through strong support level today on Friday?

Trading Analysis

It is free and if you want to receive e-mail notification, sign up.

“Disclosure: Some of the links in this post are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission. This does not cost you anything extra on the usual cost of the product, and may sometimes cost less as I have some affiliate discounts in place I can offer you”

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.

Beginners Online Course

Check the best online trading course for beginners

Beginners Online Course

Check the best online trading course for beginners


For beginners who does not know how and where to start with trading

In the workshop I will tell you

what steps to do in order 

to transform yourself into a trader

EURUSD Forecast – $1.06400 Bulls Target

EURUSD Forecast – $1.06400 Bulls Target

EURUSD Analysis TodayPrevious EURUSD forecast talked about price making a retrace to $1.04700 and the price has done that. The retrace happened pretty quickly. Just in two days the price returned and reached that level. On Tuesday the price made a strong bullish...

read more
EURUSD Forecast – $1.04700 Retrace Target

EURUSD Forecast – $1.04700 Retrace Target

EURUSD Analysis TodayPrevious EURUSD forecast talked about price making a breakout from a range that was held inside for two weeks. The price made a breakout on Wednesday after testing the $1.05825 resistance three times. The same day price formed a bearish pin bar...

read more
EURUSD Forecast – Wait for a Breakout

EURUSD Forecast – Wait for a Breakout

EURUSD Analysis TodayPrevious EURUSD forecast talked about price making a retrace to $1.06736 and the price retraced, but only to $1.06410. It was close to the first target, but there is selling pressure on the upper side that is preventing that. If we check the...

read more


Pin It on Pinterest

Share This