EURUSD has been trading in a higher top higher bottom formation suggesting the trend to be positive in the near term, further it is also trading above the 20-day SMA supporting the above observation. The pair has made a long legged hammer on 21st December, the low of which has been protected indicating that the currency has ended the organic correction and is likely to continue its trend higher. It would be prudent to say that the currency pair could advance towards 1.2250 and 1.2275 if it sustains above 1.2200.
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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.