EURUSD – There is No Bulls Nor Bears Strength

by Jun 2, 2020Setups2 comments

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Yesterday’s Summary

Yesterday did not give clear situation on the market. Price have stalled on the weekly trend line where trend line acts like a resistance.

Below is previous resistance which now acts as a support line at 1.11091 level.

Between those two levels price is moving up and down. Looking on the candles there is no clear situation. I do not see any strength in bulls or bears.

EURUSD Daily Forecast 02_06_2020

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Today’s EURUSD Chart Forecast

We need to wait until the price make a move and give us a clear direction.

From this points where the price is right now we should wait for the bulls if they can manage to break weekly trend line and reach resistance at 1.11871. If they can do that we could see price making pullback to weekly trend line and moving further up to 1.12321 level.

Bears have more job to do to regain the strength they had in previous weeks. Their first strong support is at 1.10755 level which must be broken before attacking support at 1.09860.

We need to wait for clear signal and as a first signal would be breaking out from this small range area.

Where the price breakout first, up or down, it could set future direction for the entire week.

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.

2 Comments

  1. douglas

    Nice analysis. Thanks for this

    • Frano Grgić

      Hi douglas,
      thanks and you are welcome.

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