EURUSD Falls Back To Support Level, Suggesting Further Gains

May 25, 2020

By Orbex

The euro gave back the gains after the 1.1000 level proved hard to breach. This sent the common currency lower.

Price is trading just a few pips off the support area at 1.0885 – 1.0879.

We expect some stronger consolidation to take place at this level.

Notice the hidden divergence on the Stochastics oscillator, which confirms that there could be some upside building up. But for this to happen, the EURUSD will need to break out above the 1.1000 level.

Alternatively, price action might settle back into range trading if for some reason the support area fails.

Free Reports:

Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter





Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.




By Orbex

 

5 years ago