EUR/USD Forecast: Correction Underway
The currency pair EUR/USD rebounded from the upper boundary of the daily range. The asset is heading down now. The currency pair might potentially undergo correction around the supporting level of 1.0500 or the opposite boundary of the daily range. So, let’s observe if it is likely to happen.
Oil has formed a bearish engulfing at the end of the trading day. This engulfing has touched the weekly downtrend denoted by the blue line on the chart, and the horizontal level of 77.50. Oil might potentially drop and acquire the required support at the level of 71.50.
Currently, Bitcoin is undergoing correction away from the psychological level of 30000. However, it might gain the required support at the very important level of 25200 and jump.
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. 75% and 75% 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.