Forex Trade Signal July 20th
EURUSD – Did not like it
After making a second attempt on the big figure at 1.3000, the market did not like being long euros and sold the pair off aggressively pushing it under 1.2900. The pair has found support at the Kijun on the 4hr chart so this is good news for those hoping for another attempt on 1.3000. However, the pair formed a strong Pbar and follow up reversal candle which was quite impulsive gobbling up 16 4hr candles before it. More than likely, traders were dumping positions on the euro as the euro banks are undergoing stress tests and nobody wanted to be long euros going into this so they dumped positions after getting a good run.
The kumo below is quite thin and could present a kumo window or likely reversal opportunity in the near future should price get below it and the 1.2800 figure. For now, 1.3000 offers resistance but a 4hr close below the Kumo suggests a re-challenge on the flat bottom below but downside pressure could open up should it hang below this level for a decent amount of time testing 1.2750/30 which was the flag top for a day. Below that, we are likely looking at a sub 1.2600 print.
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