Intraday Analysis for EURUSD, July 10, 2020

by Jul 10, 2020EURUSD Forecast

EURUSD Outlook

EURUSD Yesterdays’s chart analysis

Yesterday was a day when we had a breakout from the uptrend channel. As was said in yesterday’s analysis and in the email I have sent to G-Traders, if the price breaks out we need to wait for the pullback and retest of the uptrend channel resistance line that is acting as a support.

Second line was a horizontal resistance line at $1.13427 which is strong resistance and that could make a hard way to break above.

The price broke out and made a pullback, but the breakout was a false breakout. This trap took many buy orders and activated stop loss where the price returned back in the channel.

The price has returned inside the range area I have talked about in June. That range area expands from $1,11871 up to $1.13427.

EURUSD Daily Forecast 10_07_2020

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EURUSD Chart Forecast

Many times the price has tested range area horizontal and support lines, but up to now there is no breakout from the area.

Currently, the price has returned back to the indecision area which was created on Tuesday this week. From there we needed to wait for the price to break out to see where it would go.

Today we have the same situation where we need to see where the price will move.

While we have strong bearish candle, in the past we had similar candles where the price stalled and returned back. This same scenario we had on Monday/Tuesday this week.

Are we going to see the same scenario? We need to wait what will happen on this small indecision area where support lines are crossing.

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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