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EURUSD At Risk Of A Correction As The Rally Continues

May 21 2020, 02:52 PM (+06) | Orbex.com

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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