Intraday Analysis for EURUSD, July 07, 2020

by Jul 7, 2020Setups

EURUSD Outlook

EURUSD Yesterdays’s chart analysis

EURUSD has broken out from the wedge pattern and from the downtrend channel. The price has risen up to the strong resistance level at $1.13427 which is the resistance level that price is trying to break since June 16.

This is the third time the price is trying to break out further up, but for the third time the price is pulling back. This time the pullback is a small pullback. Only to the first small support at $1.13409.

If I take a look on the candle formation, I can see that there is no strong bearish signal. Bullish candles are taking over and the price could move further up.

EURUSD Daily Forecast 07_07_2020

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EURUSD Chart Forecast

The small pullback without a strong bearish signal suggests to me that the price could move up. It could try to breakout above $1.13427.

Currently, the price is in the indecision area where we have a pullback with few inside candles. As it looks like the price is squeezing between a few candles in a small area. This could mean the bulls are consolidating and preparing for another try.

Since the price is very close to the resistance level it will not need too much power to get to that level so there will remain enough strength to breakout.

To prepare and to enter on the best spot you should read G-Trader analysis where I will share possible 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

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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.

“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.

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