Intraday Analysis For EUR/USD - Friday, July 3

By Frano Grgić of GetKnowTrading

Forex trader, Market Analyst • Jul 3, 2020 at 4:30 AM EDT

The price has returned back in the indecision area where we need to wait again to see what the price will do.

EURUSD Yesterday’s chart analysis

The price has returned back in the indecision area where we need to wait again to see what the price will do.

The last 24h EURUSD pair has done a test of the channel downtrend resistance line and horizontal resistance line. The area where those two resistance lines are crossing is confluence level.

That level has held the price from moving up. The confluence level had many sellers pushing down the price with two large bearish candles.

The formation of candles in the last two days looks like there is a fight between bulls and bears.

(Click on image to enlarge)

Downtrend channel and uptrend channel lines that are drawn as blue lines, now are squeezing the price in a narrow area. That could mean we could have a break out somewhere.

Daily time frame shows a bearish Pinbar for yesterday and the price has closed inside the indecision area.

For now, it looks like we need to wait Monday to see what the price will do. Taking any side of the market and hoping that the price will move in your way is not a smart thing to do.

Today is Friday where we can see some movements like false movements or movements that are not following the market formation. That also means we could see a breakout.

What to do in the case as we have now?

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