Intraday Analysis for EURUSD, July 06, 2020

by Jul 6, 2020Setups

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EURUSD Outlook

EURUSD Friday’s chart analysis

Friday did not offer too many movements and the price stayed where it was at the beginning of the day. The price did not break below the confluence level to test the previous strong support level at $1.11871.

Confluence level of support consists of horizontal support and channel trendline. The price has squeezed and did not close below which was a sign it will be hard to break below.

The start of the week has formed a breakout from the indecision area near the support confluence level.

EURUSD Daily Forecast 06_07_2020

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EURUSD Chart Forecast

As we have a breakout from the indecision area the next step for the price is to break out from the wedge pattern we can see on the chart.

Break above or below the wedge pattern should define where the price moves this week. Also, we should calculate possible false breakout. To avoid false breakout trapp we need to wait for confirmation after the breakout happens.

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If you want to know how much pips EURUSD moves each day in a week or how much it moves on London or New York trading session, you should check this article: EUR/USD Pip Range Analysis

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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.

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. 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.


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