By Orbex
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.
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
