Tuesday, July 7, 2020 3:44 AM EDT
EURUSD Yesterdays’s chart analysis
EURUSD has broken out from the wedge pattern and from the downtrend channel. The price has risen up to the strong resistance level at $1.13427 which is the resistance level that price is trying to break since June 16.
This is the third time the price is trying to break out further up, but for the third time, the price is pulling back. This time the pullback is a small pullback. Only to the first small support at $1.13409.
If I take a look at the candle formation, I can see that there is no strong bearish signal. Bullish candles are taking over and the price could move further up.
(Click on image to enlarge)
EURUSD Chart Forecast
The small pullback without a strong bearish signal suggests to me that the price could move up. It could try to breakout above $1.13427.
Currently, the price is in the indecision area where we have a pullback with few inside candles. As it looks like the price is squeezing between a few candles in a small area. This could mean the bulls are consolidating and preparing for another try.
Since the price is very close to the resistance level it will not need too much power to get to that level so there will remain enough strength to breakout.
To prepare and to enter on the best spot you should read G-Trader analysis where I will share possible 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 ...
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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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