Intraday Analysis for EURUSD, July 30, 2020

by Jul 30, 2020Setups

EURUSD Outlook

EURUSD Yesterday’s chart analysis

Yesterday the price found more buying strength to move up and close above $1.17700.

We have a steep uptrend channel that is driving the price up. Since yesterday’s analysis the price has formed few bullish candles.

One bullish candle has formed right on the confluence level and could not close above $1.17700. Second candle was a bullish Pinbar that formed after making a pullback on $1.17406.

That was a sign for further bullish moves and it was a nice entry point with profit around $1.18000.

Following few bullish candles have taken the price above $1.17700 and for now the price is holding on those levels.

EURUSD Daily Forecast 30_07_2020

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EURUSD Chart Forecast

We can see the price created inside bar on the support trend line of the uptrend channel. We need to see what will happen on this level.

Is the uptrend channel line strong enough to support the price reaching new highs and pushing the price to $1.18500?

The price is making new highs with small bullish candles. There are no strong candles that would show bullish strength, but small candles are enough to drive the price up.

The next resistance level is $1.18500 where the price could stop. The $1.17406 is a new resistance level that will hold the price from falling down.

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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.

“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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