Thursday, July 2, 2020 3:31 AM EDT
EURUSD Yesterday’s chart analysis
EURUSD has managed to break above from the small indecision area that was mentioned in yesterday’s analysis.
After a few indecision candles, the price has fallen down to support level at $1.11871. The price formed a nice bullish Pinbar that had a long wick and a body inside an indecision area.
This formation of a Pinbar shows the behavior of the market. The price has looked to break somewhere. The break was heading down, but the majority of traders did not allow the price to close below the indecision area. The close was again inside that area which pointed to the price having a false break down.
After the bullish Pinbar, the price moved up and closed above indecision and touched an area near the resistance level at $1.12806.
After the break above and the strong bullish candle, we have a small pullback visible as a small bearish candle. After that, a small indecision candle has formed.
Currently, we are waiting for the price to make a move.
EURUSD Chart Forecast
There are a lot of wicks from candles that did not close below $1.12090. That means there are buyers that are not allowing the price close below.
The price is backed up with the two bullish daily Pinbar’s which suggest the price will move up.
The first resistance where the price will have problems is the confluence level around $1.12806. There we have a downtrend line from the channel and resistance level.
Few days ago that level acted as a strong resistance area when the price broke out strongly. At that time the price did not have too much backup in the market so it reversed back in the indecision area.
Now, the price has much more backup on the market through a nice bullish Pinbar on the H4 and Daily time frame.
There is an opportunity to get in the trade if we see a nice market formation that will confirm a bullish scenario with good entry points.
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 ...
more
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.
less
How did you like this article? Let us know so we can better customize your reading experience.