Intraday Analysis for EURUSD, July 21, 2020

by Jul 21, 2020Setups

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EURUSD Outlook

EURUSD Yesterday’s chart analysis

Saturday’s analysis had several good points that were predicted correctly. The price pulled back on Monday open and the area near $1.14000 was reached. After that the price had another run to the uptrend resistance line.

Confluence of resistance lines at $1.14373 was too hard for the price to break above, so the price pulled back again to the $1.14000 area. From there we can see the price formed strong bullish candle. That was a sign that bearish candle has found buyers at it will not break below $1.14000.

If we take a look at the H1 time frame we can see that there is a nice bullish Pinbar that indicates the price will move up. It was a nice entry signal with very low risk.

That bullish candle is holding buyers above $1.14373 and it is ground for new small bullish candles that are making new highs near the uptrend resistance line.

EURUSD Daily Forecast 21_07_2020

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EURUSD Chart Forecast

As was said on Saturday’s analysis we could see the price attacking the $1.15000 area. The price is now very close to that level.

We can see that the uptrend resistance line is preventing the price from moving higher, but as it looks like it will reach $1.15000 or around that level in the next day or two.

When the price reaches that level we could see bears stepping in and buyers getting out.

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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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