EURUSD has risen on Monday and is approaching its resistance of the downward sloping trend line indicating overhead resistance. Further the high made on 1st September remains protected till date and the pair continues to trade below it, suggesting the near term trend being weak. Though EURUSD ended in a small bullish candlestick formation on Monday, it has a significant upper wick indicating lack of buying interest. In the short term hourly charts also there are indications of an impending correction, we could see the pair correcting towards 1.1755 & 1.1735 in the near term, while it sustains below 1.1800.
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Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.