Gold has started a remarkable downside correction and stands on the key 23.6% retracement area after a failure to hold the 38.2% retracement area.
EUR/GBP: euro got stuck
BUY 0.8835 SL 0.877 TP1 0.8935 TP2 0.9015 TP3 0.9045
SELL 0.87 SL 0.8755 TP1 0.86 TP2 0.8525 TP3 0.8425
On the daily chart, EUR/GBP keeps forming the senior and the junior “Spike and ledge” patterns (ranges 0.87-0.9015 and 0.87-0.8835). the failure to break above resistance at 0.8835 led to a formation of a pin bar. A decline below its low will increase the risks of consolidation.
On H1, EUR/GBP is forming a “Broadening wedge”. To trigger it, it will have to decline below support at 0.87. On the other hand, a successful test of resistance at 0.8835 will increase the odds of a “Shark” pattern.
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