Friday, July 31, 2020 3:32 AM EDT
EURUSD Yesterday’s chart analysis
The price made a pullback to the previous resistance level at $1.17406 which 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 the 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.
(Click on image to enlarge)
EURUSD Chart Forecast
The chart is clean with bullish candles and the price is making new highs. The resistance $1.18500 is now supported that will hold the price from falling down.
The 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.
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 ...
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