Intraday Analysis for EURUSD, July 24, 2020

by Jul 24, 2020Setups

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EURUSD Outlook

EURUSD Yesterday’s chart analysis

The price has made a new high. A $1.16178 level was reached.

Yesterday market behaviour shows us that we had a small pullback to the area near $1.15343 and from there we had a strong bullish candle. That bullish move drove the price to $1.16178 level where the price found a resistance.

This scenario with the pullback to $1.15500 I have announced in G-Trader email news.

The bullish candle move was during the London and New York trading session when the European and U.S. traders were active.

After reaching new highs the price made a small pullback, but it returned to $1.16178.

EURUSD Daily Forecast 24_07_2020

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EURUSD Chart Forecast

For now the price has stalled. Strong resistance $1.16178 has stopped the price from new highs, but as we are in a bullish run we could see a move higher. Will that happen today or next week we will see.

Since breaking $1.14000 level we did not see any larger pullback so Friday as a day when the traders getting out could make that pullback.

As we can see there are no bearish candles that could point stronger bearish move, but today can happen anything.

Usualy I am staying outside on Friday to avoid losses due to unusual market behaviour.

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.

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