EURUSD: Price Action & Scenario for Next Week

18 ביולי 2020

EURUSD is trading within a rising parallel channel on 4H.

the resistance of the channel was reached on Wednesday and the market set it's last higher high there.

during the next two days the pair started to consolidate:
with a sequence of three equal highs and two equal lows, the price is stuck in a narrow horizontal trading range.

next week, with a high probability the price will retrace one more time from the horizontal resistance.
then sellers will face with a buying pressure from a channel's and range's supports.
consider this range for potential quick trades next week.

to catch the next wave, I would suggest waiting for a violation of the range.
we can not estimate how long the market will trade there, so it would be better to just wait.


have a great weekend!!!