Intraday Analysis for EURUSD, July 18, 2020

by Jul 18, 2020Setups

EURUSD Outlook

EURUSD Yesterday’s chart analysis

The price reacted on yesterday’s trading session when the London session was active. The price has moved higher to the previous high. The previous high is the $1.14373 level which is high on Thursday and Wednesday trading day.

That level was reached at the same time on each day. That is when the London and New York trading session are active. Yesterday the price stopped at that level and a small bearish candle formed which lasted until the market closed.

What we can see on the chart yesterday is that we have a bullish end of the week.

EURUSD Daily Forecast 18_07_2020

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EURUSD Chart Forecast

The price closed above the previous resistance level which is now support level, $1.14373. The uptrend resistance line is not broken which will be the next step to do for the price on Monday.

Daily candle is bullish engulfing candle on the breakout point so I am giving more confidence in the future bullish run to the $1.15000.

The next week we could see the price on that level. One thing that could make a problem for the price reaching that level is the uptrend resistance line. Will that line push the price back to $1.14000 and stall the price from moving higher is something we need to see.

If the price reaches $1.14000 we could see a nice entry point.

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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 Forex 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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