Tuesday, June 30, 2020 3:27 AM EDT
EURUSD Yesterday’s chart analysis
EURUSD did not do too much yesterday except going up and then going down where it started from. The one thing the price has done is close above $1.12366 which is now an important support level.
A strong bearish candle that took the price from the $1.12806 could not close below the previous H4 candle close, but it shows there are sellers who will not allow the price to move up easily. The area where the sellers are is a strong resistance level.
(Click on image to enlarge)
EURUSD Chart Forecast
The price is still in the range area which spans from $1.11871 to $1.13427. Until the price closes outside the range area we need to wait for a clear signal.
Taking a look at the channels on the chart you can see that we have a downtrend on the H4 time frame. We need the price outside that channel to see where the next direction will be.
Candles that are now formed on the H4 time frame shows a picture where the price could go. Strong selling candle from yesterday and the current price with downtrend channel and higher low.
Disclaimer: Any Advice or information is General Advice Only – It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By ...
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Disclaimer: Any Advice or information is General Advice Only – It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By Viewing any material or using the information you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by author. Futures, options, and spot currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with money you can’t afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures, spot Forex, CFD’s, options or other financial products. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material provided by this author. The past performance of any trading system or methodology is not necessarily indicative of future results.
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