EURUSD Daily Chart Forecast – Thursday, May 7

by May 7, 2020Setups

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Today EURUSD daily chart analysis is showing bears in control.

EURUSD daily chart forecast

At the confluence level we can see price stalling or rejecting because of many seller that gone out from a trade and buyers defending the level from breaking through.

In our case buyers have stalled the price at the confluence level. Price have break down through 1.08275 and touched 1.07825 after which reversed back to the 1.08275. That is reversal caused by many sellers that have move out from their trades because of confluence level.

It is also an area where many daily candles have rejected in the past which makes this level a strong level hard to break down.

EURUSD Daily Chart

Today’s EURUSD Daily Chart Forecast

Today we could see price stalling here because level 1.07825 is a level where few daily candles have touched that level and bounced back up. The price could not break down to continue moving towards strong daily support level at 1.07000.

Before moving down we could see price moving up to the support level 1.08275 or 1.08508 and making stronger price action bearish signal. If that does not happen we will have strong move down through support level to the 1.07356.

From that level we could see price pulling back to the daily trend line and making bearish price action signal before continuing move down to the 1.07000.

While we are in the confluence level it is not easily predictable where the price could go. Confluence level is a level where sellers and buyers are strong and it is not easy to make a correct decision and select one way for the price.

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

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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