Intraday Analysis for EURUSD, July 17, 2020

by Jul 17, 2020Setups

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EURUSD Outlook

EURUSD Yesterday’s chart analysis

The price reacted on yesterday’s trading session when the London and New York trading sessions were active.

Yesterday’s analysis predicted that we could see bearish movements because of the candle formation. If you did not read the analysis you can do it on in this link: Analysis 16 July.

The price reached the first support level at $1.13700 which is close to $1.13653 which is drawn as a horizontal line.

Before reaching that level the price has returned back to uptrend resistance at $1.14373 which is now confluence level. We have horizontal resistance line and uptrend resistance line.

From there the price was pushed back down with strong bearish Pinbar which tells me we have strong sellers there.

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EURUSD Daily Forecast 17_07_2020

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EURUSD Chart Forecast

Candle formation that we have now after the bearish Pinbar could push the price back to strong support at $1.13427. Daily Pinbar and bearish candles show me bearish strength and the level around $1.14000 is pretty strong to break and hold the price above.

It seems the price needs to find more buyers before attacking the area above $1.14000. That is not odd because the $1.14000 level is a strong level that pushed the price down for several times.

While the price is above strong support level and candle formations on the daily time frame is showing me bullish orientation I am still bullish until the price closes below $1.13427.

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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.

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