Intraday Analysis for EURUSD, July 09, 2020

EURUSD Outlook

EURUSD Yesterdays’s chart analysis

The price has been making indecision candles in the area where several candles did not manage to close above or below which would open direction for the future movement.

From yesterday’s analysis it took two more candles to break out, in this case break above, where one large bullish candle took the price all the way to resistance at $1.13427.

If you move to H1 time frame you will see there are many small bullish Pinbar’s that pointed that the price could move up.

That area where the price was filled with buyers preparing for the move. And when the move happened, the price moved very fast and very high.

Now, the price has stopped on the resistance level and is looking for further move up.

EURUSD Chart Forecast

The price did not have so much power to go up more and close above $1.13427. It stopped at that level, but as we can see the candle formation is showing there is no bearish power. Only one small bearish candle, but we need to be careful.

The current level is tested for the fourth time in the last 20 days, since June 16. It is at a significant level, so there could be some problems for the bulls to take the price higher.

The current level is confluence where the price is close outside of the uptrend channel which could mean the next resistance at $1.14000 is very close. Will it be a false break out from the up trend channel or not, we will see what will happen.

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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.