Intraday Analysis for EURUSD, July 01, 2020

EURUSD Outlook

EURUSD Yesterday’s chart analysis

Yesterday’s analysis was pretty close to the scenario that happened on the market. EURUSD has tested the support level around $1.11871.

After testing the support level a nice bullish Pinbar has formed that pushed the price back to the resistance level at $1.12366 and where the price has stalled for the last few days.

After the bullish Pinbar we have a strong bullish candle that has engulfed the previous range of small H4 candles. That move suggests the price could go higher if the price manages to close above $1.12366.

EURUSD Chart Forecast

I am waiting for another strong bullish candle to close above $1.12366 which will confirm bullish Pinbar and bullish engulfing candle. We now have few small indecision candles that will eventually break in some direction.

We have also trend line support that supported the price in yesterday’s trading session. The bullish Pinbar has bounced right on that trend line.

If we take into consideration the falling channel trend line that represents resistance, the price is compressing and it will need to break in some direction. The outlook where the price could break out shows me one direction. To add, we have another time frame that shows us a signal where the price could go.

Entry EURUSD: If you want to see how to play this scenario join G-Trader

If you want to know how much pips EURUSD moves each day in a week or how much it moves on London or New York trading session, you should check this article: EUR/USD Pip Range Analysis

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.