Intraday Analysis for EURUSD, July 23, 2020

by Jul 23, 2020Setups

EURUSD Outlook

EURUSD Yesterday’s chart analysis

The price has made a new high. A $1.16000 level was reached.

Yesterday market behaviour shows us that we had a small pullback to the area near $1.15000 and from there we had a strong bullish candle. That bullish move drove the price to $1.16000 level where the price found a resistance.

This scenario with the pullback I have announced in G-Trader email news.

The bullish candle move was during the London trading session when the European traders were active.

After reaching new highs the price pulled back to the first support level at $1.15688.

EURUSD Daily Forecast 23_07_2020

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EURUSD Chart Forecast

For now the price has stalled. We can see indecision candles that have formed on the small support level.

This candle formation will stay until the London trading session opens and traders start trading. Strong resistance level at $1.16178 was not reached yesterday, but we are in the bullish market so we can expect a move towards that level.

Where the breakout from the indecision candle happens that is the direction where the price will move. I am more for a bullish move until the price reaches $1.16178.

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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