Friday, July 3, 2020 4:30 AM EDT
EURUSD Yesterday’s chart analysis
The price has returned back in the indecision area where we need to wait again to see what the price will do.
The last 24h EURUSD pair has done a test of the channel downtrend resistance line and horizontal resistance line. The area where those two resistance lines are crossing is confluence level.
That level has held the price from moving up. The confluence level had many sellers pushing down the price with two large bearish candles.
The formation of candles in the last two days looks like there is a fight between bulls and bears.
(Click on image to enlarge)
Downtrend channel and uptrend channel lines that are drawn as blue lines, now are squeezing the price in a narrow area. That could mean we could have a break out somewhere.
Daily time frame shows a bearish Pinbar for yesterday and the price has closed inside the indecision area.
For now, it looks like we need to wait Monday to see what the price will do. Taking any side of the market and hoping that the price will move in your way is not a smart thing to do.
Today is Friday where we can see some movements like false movements or movements that are not following the market formation. That also means we could see a breakout.
What to do in the case as we have now?
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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