Intraday Analysis for EURUSD, July 29, 2020

by Jul 29, 2020Setups

EURUSD Outlook

EURUSD Yesterday’s chart analysis

The bearish engulfing candle took the price a little lower. The price reached $1.17000, a round number where the support is.

After that a few bullish Pinbar has formed and pushed the price higher to a strong resistance of $1.17406.

The sellers could not push the price down to around support level at $1.16739, but they managed to resist from the further move up.

EURUSD Daily Forecast 29_07_2020

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EURUSD Chart Forecast

A candle formation that has formed on the chart consist of a few bullish Pinbar and small candles that do not point anywhere, at least for a strong further move.

Relatively large bearish engulfing bar was not overtaken by bulls which tells me that there could be some problem for the bulls.

For a further move up bulls will need to find more support and more strength to push the price higher. They need to close above $1.17700 on the H4 time frame with strong bullish candles to confirm move up.

Strong support is around $1.16178 level and I am more inclined to see the price at that level or around that level before further move up.

I am not bullish oriented on the EURUSD for now because of candle formation and the market condition.

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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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