EURUSD Chart – Waiting for the Breakout, May 15

by May 15, 2020Setups

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EURUSD trading pair have stopped on the strong confluence support level. It has moved just like it was predicted by the yesterday’s analysis.

If you want to read what I was talking about yesterday you can check it on yesterday analysis.

Yesterday’s Summary

Price managed to move down to the confluence support level and then stopped. Small pullback to the first resistance level was not reached because of strong bear power.

The bears power made strong bearish Pinbar which confirms that the price will hardly move up.

The support is still holding even after the price touched the level in the last 3/4 H4 trading sessions. In the last H4 trading session price managed to find its way up but it could not close above previous highs. There is not enough bull power to hold the price up.

Currently we have indecision H4 candle which suggest us that the market is preparing to make a move.

EURUSD Daily Forecast 15_05_2020

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Today’s EURUSD Chart Forecast

While it is Friday, today will be the day with possible moves that are not clear enough to enter into the trade.

We could see price moving up and down because of many sellers and buyers getting out from the market.

While it can be hard to predict movements on this day it is best to wait and just watch what will happen.

Price could move up to the first resistance level, at 1.08275, and bounce back down to the first support level at 1.07825.

It could stay for the whole day in this small range area because there will be no strong market participants to move the price in any direction outside these boundaries.

EURUSD have different pip range on each trading session in a day and on each day in a week.

EURUSD Chart – Bullish Scenario

Bullish scenario is less likely at this time because of strong bearish candles in the last several trading sessions.

There is no bullish candle that could suggest strength and that could drive the price back in the old range area.

While we cannot rule out bullish scenario we should be careful and wait for the right price action signal.

If the signal appears today it would be better to stay out until the next week because signal that appear today could be less valid.

EURUSD Chart – Bearish Scenario

Next week I expect price moving down through support level. While the support level is really strong there could be strong break down which could drive the price to the 1.07356 support level.

To be valid break down the best is to wait until the price makes bearish price action signal that suggest price managed to break strong support level, 1.07825.

After that, small pullback to the 1.07825 with bearish signal would be good entry for sell order.

If there is no clear signal the best is to wait outside of the market.

While the trading signal appears all the time on EURUSD it is not a problem to miss some opportunities for the sake of protecting your trading account balance.

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.

Leave a comment with your opinion will the market break down through strong support level today on Friday?

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Frano Grgić

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.

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