EURUSD At Risk Of A Correction As The Rally Continues

eurusd

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.

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“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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