Wednesday, July 1, 2020 3:46 AM EDT
Yesterday’s analysis was pretty close to the scenario that happened on the market. EURUSD has tested the support level around $1.11871.
After testing the support level a nice bullish Pinbar has formed that pushed the price back to the resistance level at $1.12366 and where the price has stalled for the last few days.
After the bullish Pinbar, we have a strong bullish candle that has engulfed the previous range of small H4 candles. That move suggests the price could go higher if the price manages to close above $1.12366.
EURUSD Chart Forecast
I am waiting for another strong bullish candle to close above $1.12366 which will confirm bullish Pinbar and bullish engulfing candle. We now have few small indecision candles that will eventually break in some direction.
We have also trend line support that supported the price in yesterday’s trading session. The bullish Pinbar has bounced right on that trend line.
If we take into consideration the falling channel trend line that represents resistance, the price is compressing and it will need to break in some direction. The outlook where the price could break out shows me one direction. To add, we have another time frame that shows us a signal where the price could go.
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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