EURUSD – Is This All From The Bulls

By Frano Grgić of GetKnowTrading

Thursday, June 4, 2020 3:26 AM EDT

Yesterday’s Summary

In the yesterday’s analysis I pointed out that the price looks very bullish and there could be a possible move up to 1.12366 level.

The price has broken out from a small consolidation on the confluence level and reached the next resistance level. The price managed to break an uptrend channel which tells us that the bulls were very strong.

The 1.12366 resistance level is strong resistance that has stopped the price from moving higher. That is the level that has shown strength in the past when the price tried to move up.

Today’s EURUSD Chart Forecast

The current chart shows us that we have a strong resistance level where a bearish Pinbar has formed. A small bearish Pinbar does not give too much confidence in a bearish scenario but we should pay attention to it.

EURUSD Chart – Bullish Scenario

Bulls are controlling the market for now. There are no bear strengths that could mess up their goal from pushing the price higher.

Strong bullish candles over smaller bearish ones show us that we could see the price move higher. The next resistance is at 1.12806. The current bearish Pinbar could make a small pullback to the 1.11871 level where it could find support for a further move up.

For a trading decision it is the best to wait until a bullish price action signal appears.

EURUSD Chart – Bearish Scenario

Bears do not have the power to overtake the market from the bulls. The price is simply moving higher and making small stops or pullbacks before moving further up.

Will this H4 Pinbar bring some new bear strength? We will see in the next few trading sessions.

If the bears can bring the price to the 1.11091 level and close below that level we could see more bears stepping in. Until then it is best to wait for pullbacks and for bullish signals.

The Forex market is not easily predictable and we need to prepare ourselves for bullish or bearish scenarios. Risk management is crucial in Forex trading so play safe and set stop loss.

Disclaimer: Any Advice or information is General Advice Only – It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By ...

Disclaimer: Any Advice or information is General Advice Only – It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By Viewing any material or using the information you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by author. Futures, options, and spot currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with money you can’t afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures, spot Forex, CFD’s, options or other financial products. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material provided by this author. The past performance of any trading system or methodology is not necessarily indicative of future results.

High Risk Warning: Forex, Futures, and Options trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware of the risks of investing in Forex, futures, and options and be willing to accept them in order to trade in these markets. Forex trading involves substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose. Any opinions, news, research, analysis, prices, or other information contained in this article, is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results.

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