Tuesday, July 14, 2020 3:29 AM EDT
EURUSD Yesterday’s chart analysis
The price reached $1.13427 and even higher than that. The push was from the traders who entered into the market yesterday.
Only one bearish candle was seen yesterday and it was engulfing bar. While the engulfing bar formed in the middle of the uptrend channel I did not put too much focus on it. As you can see it was a false bearish engulfing signal without any backup.
Close to uptrend resistance, the price pushed strongly up through the resistance line which gives me an explanation that the buyer’s strength is strong on this level. We could see the price moving higher after this breakout.
(Click on image to enlarge)
EURUSD Chart Forecast
The price did not close below previous resistance and not that level acts as a support. We need to see if it holds.
A pullback from the small resistance level formed and for now, we should wait and see what the price does. We can see that the price stopped and one indecision candle formed. The second candle is bearish, for now, and we need what the price will do in the next few trading sessions.
The price could make a nice price action signal on this support or it could get back in the channel below the current support level.
If that happens we need to wait for the price to make its way up above resistance level at $1.13427.
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.
