Tuesday, July 21, 2020 3:43 AM EDT
Saturday’s analysis had several good points that were predicted correctly. The price pulled back on Monday open and the area near $1.14000 was reached. After that, the price had another run to the uptrend resistance line.
The confluence of resistance lines at $1.14373 was too hard for the price to break above, so the price pulled back again to the $1.14000 area. From there we can see the price formed a strong bullish candle. That was a sign that bearish candle has found buyers at it will not break below $1.14000.
If we take a look at the H1 time frame we can see that there is a nice bullish Pinbar that indicates the price will move up. It was a nice entry signal with very low risk.
That bullish candle is holding buyers above $1.14373 and it is ground for new small bullish candles that are making new highs near the uptrend resistance line.
EURUSD Chart Forecast
As was said on Saturday’s analysis we could see the price attacking the $1.15000 area. The price is now very close to that level.
We can see that the uptrend resistance line is preventing the price from moving higher, but as it looks like it will reach $1.15000 or around that level in the next day or two.
When the price reaches that level we could see bears stepping in and buyers getting out.
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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