Intraday Analysis for EURUSD, July 31, 2020

by Jul 31, 2020Setups

EURUSD Outlook

EURUSD Yesterday’s chart analysis

The price made a pullback to previous resistance level at $1.17406 that is now acting as a support. Few small bearish candles had formed and it looked like the price was moving outside from the uptrend channel.

The price only made a small pullback as a false breakout.

As was mentioned yesterday in G-Trader newsletter the price returned to $1.17406 where a nice bullish engulfing candle has formed. It was noted that the entry point should be around that level with a nice price action signal.

The price found the ground and moved up and the move is active at this moment. There were no bearish candles or any bearish signal that could point stopping the price from reaching new highs.

EURUSD Daily Forecast 31_07_2020

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EURUSD Chart Forecast

The chart is clean with bullish candles and the price is making new highs. The resistance $1.18500 is now support that will hold the price from falling down.

New high that the price could reach is $1.19320.

The area around $1.19320 is the area that has an uptrend resistance line and the daily trendline that will make confluence for the price. We could see prices stalling there.

Today is Friday so we can expect some movements that will take the price down.

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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