GetKnowTrading: EURUSD Chart Analysis

Frano Grgić

Trader
May 20, 2020
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We have now price bounced from the resistance line at 1.09860 where candles look like the bulls have much more strength.

Bounce has been realized with small bear candles which does not give to much confidence in the bear strength. That is why we should watch for the bullish price action signal.

EURUSD Daily Forecast 27_05_2020.png
 

Frano Grgić

Trader
May 20, 2020
10
0
17
35
Today we will see will the price make a pullback to 1.09860 level which now is acting as a support level. Price could make a pullback before trying to break above 1.10373 level.
EURUSD Daily Forecast 28_05_2020.png
 

Frano Grgić

Trader
May 20, 2020
10
0
17
35
Today is Friday and it is a day when I do not want to trade to much. EURUSD Daily Forecast 29_05_2020.png
From this point price have a chance reaching next resistance level at 1.11091 if bulls can find strength.

There is also a chance we see price pulling back to the support level 1.10373 if the bulls move out from the market.
 

Frano Grgić

Trader
May 20, 2020
10
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The price reached the target from previous analysis where I was talking about $1.07825.

Tuesday was the day when the price broke below $1.08846 which was a signal the price will move to the next support level, $1.07825

Since we have a strong demand zone around $1.07825 which made the price bounce up on Thursday we could see the price making a retrace from the current support level.

If the price manages to break below we should wait for the retest with daily price close below this level.

That will be the first step to move down to $1.06736 support level.


If we check currency strength meter we can see that USD gained on strength which suggest price should move more down .
EURUSD Daily Forecast 16_4_2022.png
 
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Frano Grgić

Trader
May 20, 2020
10
0
17
35
Previous week analysis talked about price having a hard time to break below $1.07825 after moving down to the demand zone.

After reaching the lower level of the demand zone price reversed and moved upwards touching the supply zone around $1.08846.

On Friday price followed bearish Pin bar signal and closed the day below previous daily candles.

The next target is [URL deleted] 100 pips away, support level $1.06736.

$1.06736 is a slightly weaker support than $1.07825 was, so we can expect if the price continues to move strongly down to break this support more easily than it was this week.
 
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Frano Grgić

Trader
May 20, 2020
10
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35

Previous week analysis talked about price moving down for around 100 pips and 300 pips in the long term.

The price has reached both targets in four days.

Next week we can expect some retrace for EURUSD after strong selling pressure last week.

Most likely the price will reach $1.06736 resistance or $1.07388 which should be the next target.
 
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Frano Grgić

Trader
May 20, 2020
10
0
17
35

Previous EURUSD forecast talked about price making a retrace to $1.06736 and the price retraced, but only to $1.06410.

Thing is that the price is now in the indecision area where we need to wait for a breakout.

Next week we need to wait for the price to break out from this range.

$1.05825 is the first target for the bulls that must be broken and retested to verify the breakout.
 
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Frano Grgić

Trader
May 20, 2020
10
0
17
35

The price made a breakout on Wednesday after testing the $1.05825 resistance three times.

After strong move, if we [URL deleted] calculate pip range it is 177 pips move, price stopped and made a retrace above $1.04000 on Friday which we can add to Friday exit where traders cash out after a strong move and get out from trades before the weekend.

We can expect price moving higher close to $1.05000 resistance level and from there look for bearish price action signals.

Now is the time to wait for the retrace to higher levels and from there look for a sell signal.
 
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Frano Grgić

Trader
May 20, 2020
10
0
17
35
Just in two days the price returned and reached $1.04700.

On Friday we have a small retrace where traders have exited from trades and taken the profit from the strong move upwards.

With strong bullish candles and breaking some critical levels to the upside we can look for the price on higher levels.

The candle closed above previous candles body highs which is a good signal to look expect the price on the higher levels.
EURUSD Daily Forecast 21_5_2022.png