Intraday Analysis for EURUSD, July 14, 2020

by Jul 14, 2020Setups

EURUSD Outlook

EURUSD Yesterday’s chart analysis

The price reached $1.13427 and even higher than that. The push was from the traders who entered into the market yesterday.

Only one bearish candle was seen yesterday and it was engulfing bar. While the engulfing bar formed in the middle of the uptrend channel I did not put too much focus on it. As you can see it was a false bearish engulfing signal without any backup.

Close to uptrend resistance, the price pushed strongly up through the resistance line which gives me an explanation that the buyer’s strength is strong on this level. We could see the price moving higher after this breakout.

EURUSD Daily Forecast 14_07_2020

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EURUSD Chart Forecast

The price did not close below previous resistance and not that level acts as a support. We need to see if it holds.

A pullback from the small resistance level formed and for now we should wait and see what the price does. We can see that the price stopped and one indecision candle formed. Second candle is bearish, for now, and we need what the price will do in the next few trading sessions.

The price could make a nice price action signal on this support or it could get back in the channel below current support level.

If that happens we need to wait the price to make its way up above resistance level at $1.13427.

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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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