Intraday Analysis for EURUSD, July 08, 2020

by Jul 8, 2020Setups

EURUSD Outlook

EURUSD Yesterdays’s chart analysis

EURUSD has broken out from the indecision area that I have mentioned in yesterday’s analysis. The break out took the price down to the first support area at $1.12806.

Strong bearish candle has formed after the few indecision candles. That strong bearish candle stopped at the support channel line.

This was a retest of the channel trend line after it was broken. If we see a nice bullish price action signal here we could see the price heading up.

After touching support level at $1.12806 the price pulled back to first resistance level at $1.13049. From that level the price reversed back down again to support level at $1.12806. And now the price is waiting there.

The H1 time frame shows few bullish Pinbar which is a sign of bullish strength. Few candles on H4 time frame could not close below the large bearish candle which means there is no strength to push the price down.

EURUSD Daily Forecast 08_07_2020

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EURUSD Chart Forecast

We have a retest of the channel trend line which now acts as a support. The price did not close below which means that level is holding for now.

At that level on H1 time frame the current candle formation shows us few bullish Pinbar that confirms the channel support trend line. This is a nice retest of a breakout and a nice entry scenario.

If the price stays above $1.12806 level we will see the price moving higher. As we can see higher lows and higher highs are showing uptrend and the uptrend channel could be a guide where the price moves in the next few days.

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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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