Intraday Analysis For EURUSD, Wednesday, July 15
EURUSD Yesterday’s chart analysis
EURUSD has managed to make its way above the $1.13427. It has reached the $1.14000 level that was long awaited. It has been more than a month since the last time the price was at this level.
After breaking above resistance level at $1.13427 the price pulled back and made a retest of that level. The level acted as a support and the price formed a bullish Pinbar. This is the scenario I have pointed out yesterday in my analysis.
The Pinbar was a confirmation of a support level and we could enter at this level. Whoever entered the trading setup I have sent over email to G-Traders, have taken the profit.
The price reached $1.14000 very fast after the bullish Pinbar. It took only two bullish candles which shows us that we have strong bullish momentum. The Uptrend channel is broken so we need to find another guideline where the price will move.
EURUSD Chart Forecast
While the price closed above the close of previous H4 candles that reached $1.14000 level I am looking for the future move up. With strong bullish candles that took the price above the resistance level I am expecting the price to make a pullback before making higher levels.
The price should pick up more strength and continue making higher levels and that strength could show up around $1.13653. If the price makes a pullback we could see there strength because that level was a high of previous candles that the price could not break above.
When the price reached that level in the past it was pushed back down. Now that level could serve as a support for a further move up.
Keep in mind that we had a similar situation a month ago where the price reached the $1.14000 level and reversed back down. It took a long time to make its way back up to the level where it is now.
Entry EURUSD: If you want to see how to play this scenario join G-Trader
If you want to know how many pips EURUSD moves each day in a week or how much it moves on London or New York trading session, you should check this article: EUR/USD Pip Range Analysis
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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