EURUSD – Bulls are Pushing Higher

by Frano GrgićJun 3, 2020Setups

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Yesterday’s Summary

EURUSD bulls pushed the price from the consolidation area that is next to weekly trend line and 1.11091 level.

Price have break out strongly with large bullish candle and stopped on the next resistance level. Resistance at 1.11871 is a confluence level where resistance and H4 channel trend line cross.

Bearish Pinbar formed which suggested that the price could make a retrace. But for now price does not look it will make a retrace or a pullback.

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Today’s EURUSD Chart Forecast

Price currently looks very bullish even it is right on the confluence level. If the price does not break out more up we could see moving sideways and trying reaching 1.12366 level which was strong resistance in the past.

EURUSD Chart – Bullish Scenario

Price could move more up to the next resistance in a day or two. Strong bullish candles are showing bulls strength.

EURUSD Chart – Bearish Scenario

Bears have tough time moving price down so as it looks like we will not see price moving down. At least for long run. If the price close below 1.11540, next level is support at 1.11091. 1.11091 is strong support that has held the price in indecision, so it could make same scenario again.

The market is not easily predictable and we need to prepare our self for bullish or bearish scenario. Risk management is crucial in Forex trading so play safe and set stop loss.

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Frano Grgić

A Forex trader since 2009. I like to share my knowledge and I like to analyze the markets. My goal is to have a website which will be the first choice for traders and beginners. Market analysis is featured by Forex Factory next to large publications like DailyFX, Bloomberg... GetKnowTrading is becoming recognized among traders as a website with simple and effective market analysis.