Intraday Analysis for EURUSD, July 06, 2020

by Jul 6, 2020Setups

“Disclosure: Some of the links in this post are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission. This does not cost you anything extra on the usual cost of the product, and may sometimes cost less as I have some affiliate discounts in place I can offer you”

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

Get Access to the Same “New York Close” Forex Charts

I am Using in My Analysis

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.

Entry EURUSD: If you want to see how to play this scenario join G-Trader

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

Trading Analysis Bonus

As a bonus I am sending entry ideas.

ONLY for G-Trader members.

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.

0 Comments

Pin It on Pinterest

Shares
Share This

Share This

Share this post with your friends!

Shares