EUR/USD Forecast: Potential Price Correction Ahead

The price of the currency pair EUR/USD tested the resistance area, which has now slightly expanded and formed between the two horizontal lines, that is, the levels 1.1200 and 1.1140. Now, the price of this asset is trying to form a black candle. At that, the asset’s price might potentially undergo correction, drop, and target a very strong psychological level of 1.1000. Time will tell whether this scenario might work out.

Last week, the price of Brent oil jumped. Now, it is gradually rebounding to the supporting zone formed between levels 71.50 and 72.50. This support has trapped the bears who were selling this asset after the false breakout. Should the price of oil test the supporting zone, it might eventually pull back and rise. Let’s wait and see what the next price movement of this asset might be.

The price of platinum rebounded from the broken downtrend and formed a fine bullish engulfing. Also, the price of this asset is trying to rise above the horizontal level of 988. In this case, the asset’s price is likely to rise and face resistance at the level of 1075. So, let’s see what is going to happen next.

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.