This article was first published on Orbex Forex Trading Blog.
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
The euro currency is rising steadily, with a boost from a weaker US dollar.
Price action is, however, indicative that a correction could come in the near term.
At the time of writing, EURUSD is seen filling the gap from May 1st, 2020. The Stochastics oscillator is pointing to a hidden divergence.
This, along with the fact that the price level near 1.0885 – 1.0879 is not yet tested for support suggests a move lower.
A breakdown in the rally could see this level being tested once again. This is as long as EURUSD does not break past the 1.1000 level.
The post EURUSD at risk of a correction as the rally continues appeared first on Orbex Forex Trading Blog.
To keep reading this article, please navigate to: Orbex Forex Trading Blog.