EUR/USD Forecast: Correction Underway!
The currency pair EUR/USD has tested the upper boundary of the daily range, that is, the zone formed between the levels 1.1000 and 1.1030. The asset formed a bearish engulfing at the end of the last trading week. The price of the currency pair EUR/USD is likely to drop and gain the required support at the level of 1.0500.
Last Friday silver formed the engulfing, signifying the upcoming correction. The asset might potentially pull back to the broken level of 24.75 and hit the level of 27.50. So, let’s wait and see what is going to happen next.
Oil has tested the level of 87.00. It might undergo correction soon, rise and approach the broken weekly downtrend.
Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
Past performance is not indicative of future results.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% and 72% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Futures and Options: Trading futures and options on margin carries a high degree of risk and may result in losses exceeding your initial investment. These products are not suitable for all investors. Ensure you fully understand the risks and take appropriate care to manage your risk.