Intraday Analysis for EURUSD, July 02, 2020

EURUSD Outlook

EURUSD Yesterday’s chart analysis

EURUSD has managed to break above from the small indecision area that was mentioned in yesterday’s analysis.

After a few indecision candles the price have fallen down to support level at $1.11871. The price formed a nice bullish Pinbar that had a long wick and a body inside an indecision area.

This formation of a Pinbar shows the behaviour of the market. The price has looked to break somewhere. The break was heading down, but the majority of traders did not allow the price to close below the indecision area. The close was again inside that area which pointed to the price having a false break down.

After the bullish Pinbar the price moved up and closed above indecision and touched an area near resistance level at $1.12806.

After the break above and the strong bullish candle we have a small pullback visible as a small bearish candle. After that, a small indecision candle has formed.

Currently we are waiting for the price to make a move.

EURUSD Chart Forecast

There are a lot of wicks from candles that did not close below $1.12090. That means there are buyers that are not allowing the price close below.

The price is backed up with the two bullish daily Pinbar’s which suggest the price will move up.

The first resistance where the price will have problems is the confluence level around $1.12806. There we have a downtrend line from the channel and resistance level.

Few days ago that level acted as a strong resistance area when the price broke out strongly. At that time the price did not have too much backup in the market so it reversed back in the indecision area.

Now, the price has much more backup on the market through a nice bullish Pinbar on the H4 and Daily time frame.

There is an opportunity to get in the trade if we see a nice market formation that will confirm a bullish scenario with good entry points.

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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.