Intraday Analysis For EURUSD - Thursday, July 23

By Frano Grgić of GetKnowTrading

Forex trader, Market Analyst • Jul 23, 2020 at 3:33 AM EDT

The price has made a new high. A $1.16000 level was reached. Yesterday market behavior shows us that we had a small pullback to the area near $1.15000 and from there we had a strong bullish candle.

EURUSD Yesterday’s chart analysis

The price has made a new high. A $1.16000 level was reached.

Yesterday market behavior shows us that we had a small pullback to the area near $1.15000 and from there we had a strong bullish candle. That bullish move drove the price to $1.16000 level where the price found a resistance.

This scenario with the pullback I have announced in G-Trader email news.

The bullish candle move was during the London trading session when the European traders were active.

After reaching new highs the price pulled back to the first support level at $1.15688.

(Click on image to enlarge)

EURUSD Chart Forecast

For now, the price has stalled. We can see indecision candles that have formed on the small support level.

This candle formation will stay until the London trading session opens and traders start trading. The strong resistance level at $1.16178 was not reached yesterday, but we are in the bullish market so we can expect a move towards that level.

Where the breakout from the indecision candle happens that is the direction where the price will move. I am more for a bullish move until the price reaches $1.16718.

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