Friday, September 4, 2020 3:35 AM EDT
EURUSD Yesterday’s chart analysis
The price has done what I was saying in yesterday’s analysis. The move down to the first support level at $1.17842 was reached and the price pulled back to the $1.18398 level.
Yesterday was a trading day hard for EURUSD to reach the first support easily compared to the previous days when the price had huge bearish candles that took the price down.
The small area between $1.17842 and $1.18398 has held the price previous week in a range so that is why the price has found strong support here.
The price is now on the uptrend support line which was broker and now is retesting that line as resistance.
EURUSD Chart Forecast
Today we have news that can impact the market and it is Friday when I usually stay out of the market because we can see unusual market movements.
With news and Friday, the price could jump all-around hitting stop loss if it is set to close.
We could see the price hitting $1.19000 and 1.17842 levels when the news is published so pay attention to avoid news trading and set stop loss to prevent undesired loss.
If we take a look at the daily time frame we can see a bullish Pinbar which is not convincing to me. I am still inclined more to bearish scenario because the market formation on the H4 time frame does not show bullish strength.
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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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.
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