Intraday Analysis for EURUSD, July 03, 2020

by Jul 3, 2020Setups

EURUSD Outlook

EURUSD Yesterday’s chart analysis

The price has returned back in the indecision area where we need to wait again to see what the price will do.

Last 24h EURUSD pair has done a test of the channel downtrend resistance line and horizontal resistance line. The area where those two resistance lines are crossing is confluence level.

That level has held the price from moving up. The confluence level had many sellers pushing down the price with two large bearish candles.

The formation of candles in the last two days looks like there is a fight between bulls and bears.

EURUSD Daily Forecast 03_07_2020

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EURUSD Chart Forecast

Downtrend channel and uptrend channel lines that are drawn as blue lines, now are squeezing the price in a narrow area. That could mean we could have a break out somewhere.

Daily time frame shows a bearish Pinbar for yesterday and the price has closed inside the indecision area.

For now it looks like we need to wait Monday to see what the price will do. Taking any side of the market and hoping that the price will move in your way is not a smart thing to do.

Today is Friday where we can see some movements like false movements or movements that are not following the market formation. That also means we could see a breakout.

What to do in the case like we have now?

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

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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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