Intraday Analysis for EURUSD, July 16, 2020

by Jul 16, 2020Setups

EURUSD Outlook

EURUSD Yesterday’s chart analysis

The price reached new highs on yesterday’s trading session when the London and New York trading sessions were active.

New high at $1.1451 is reached, but the price did not stay too long. At that price we can see indecision candle which is broken with strong bearish candle.

The indecision candle is on the uptrend channel breakout and the market has decided to bring the price back inside the channel.

The price has stopped at the previous resistance at $1.14000 which is now support. Will it hold the price until buyers step in and sellers step out? We should wait and see.

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EURUSD Daily Forecast 16_07_2020

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EURUSD Chart Forecast

Current candle formation we can see on the H4 time frame has formed an indecision area. That area must be broken in one way. Which way that will be, we need to wait and see what the price will do.

There are few bearish candles that are disturbing bullish movements. This kind of formation after a strong bearish candle suggests further move down, but counting previous strong bullish run I must be careful. There is strong support now at $1.14000 which I need to count in.

The first support below $1.14000 that could stop the price from falling down is $1.13653

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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.

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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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