Intraday Analysis for EURUSD, July 22, 2020

by Jul 22, 2020Setups

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EURUSD Outlook

EURUSD Yesterday’s chart analysis

Bears were not active on the market yesterday and the price managed to reach a long waiting $1.15000 level. On the yesterday morning the market was preparing for a move.

We can see a bearish candle that has formed on the uptrend resistance line and push the price down to $1.14373.

From there on the H1 time frame we can see a bullish engulfing bar that was the start of the bullish run. After that bullish candle we have a large H4 bullish candle that has a close above $1.15000. While there is no pullback to $1.15000 after a long bullish candle we see that the market favors bulls.

EURUSD Daily Forecast 22_07_2020

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EURUSD Chart Forecast

The price does not lose strength and as it looks like the next resistance is around $1.15688. Major resistance that could stall the price is around $1.16178. Until the price reaches that level there could be some pullbacks around $1.15000 and $1.15688.

Since the price is above a strong resistance line I am bullish until the price closes below $1.15000 or reaches $1.16178 level.

The price is currently in the area between $1.15000 and $1.16000 and with a lot of strength to continue to move up.

For the entry levels you can read more in the email news I am sending right now to G-Trader members.

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

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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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