Intraday Analysis for EURUSD, July 28, 2020

EURUSD Outlook

EURUSD Yesterday’s chart analysis

The price has reached the target level I have talked about in the previous analysis. The entry point was also a good one with over 100 pips of profit.

The price reached the $1.17406 level where the price stalled.

The road to the $1.17406 was without many obstacles. We can see a break above $1.16178 and only one bearish candle has appeared on the road to $1.17406.

That bearish candle was engulfed with a strong bullish candle and that was a push that drove the price to the strong resistance level.

Currently, the price has stopped around $1.17406 where we can see a bearish Pinbar. That is the first strong bearish signal in the last few days.

EURUSD Chart Forecast

The price could not make a move higher in the last two H4 trading sessions. That means bears have found some strength and buyers are losing strength.

A support where the price could stop from falling is around $1.16739. I am not anymore bullish oriented as I was in the last few days.

Current level is a strong level and we have a monthly resistance line from the wedge pattern I have talked about in the last analysis.

This strong resistance could stop the price from moving higher, at least easily moving. We could see a pullback from this current level to the first minor support. Later on we will see what the price tells. Will it continue to move down or it will find support and look for new highs around $1.18500.

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

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.