EURUSD – Friday, Day of Uncertainty

by May 29, 2020Setups

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Yesterday’s Summary

I have pointed yesterday that we could see small bounce between 1.09860 and 1.10373 levels. That has happened and price bounced for two H4 trading session.

After that price had very strong move up to the next resistance level, 1.10755. That level is also area where horizontal resistance and trend line cross. That cross makes a stronger resistance level.

That move is showing us how the bulls are strong this week. After reaching that level bulls have stopped.

Reason is pretty clear.

Bulls are cashing out for the end of the week and also for the end of the month. Few small candles of indecision have stopped the market and it tells us we do not have bulls or bears in charge.

Chart does not show any bear strength that could move the price down so we could see another bull run. Will it be strong as in the last two days or just small push we will see today.

EURUSD Daily Forecast 29_05_2020

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Today’s EURUSD Chart Forecast

Today is Friday and it is a day when I do not want to trade to much. Mostly I do not trade but it can happen that I see pretty clear signal when I use opportunity and enter the market.

From this point price have a chance reaching next resistance level at 1.11091 if bulls can find strength.

There is also a chance we see price pulling back to the support level 1.10373 if the bulls move out from the market.

 

If the price reach any of those two levels today, we should watch for the price action signal. If the signal appears next to those two level, bullish or bearish signal, we could see price moving to the next support or resistance level.

For bullish case if the price reach 1.10373 level and make a bullish price action signal the next level would be 1.11091 and 1.11619.

For the bears we need to see price making bearish signal on the 1.11091 where the price could go back to 1.10373 and 1.09860 level.

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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