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: rebounded from maximums
On the daily chart of EUR/GBP, the pair touched picks above 0.93 and moved down. RSI indicator has left the oversold area, same as MACD formed new maximums. If we look at H4, we will notice that the RSI indicator has been sliding. RSI indicator on both H4 and daily charts signal a continuation of the downward pressure. The first target lies at 0.9240. If the fall prolongs, 0.9225 level will become the next point for short. Targets are at 0.9211 and 0.91849.
However, the pair may turn around and we will see a movement towards previous highs. EUR/GBP will target 0.9311. The next targets are at 0.9355 and 0.94.
The JPY is the strongest and the NZD is the weakest. Jump in for the fresh analysis!
European shares fell on Monday as rising COVID-19 infection rates in Europe prompted renewed lockdown measures in some countries, casting doubt over the economic recovery, with a lack of U.S. stimulus also weighing on sentiment.
Gold is steadily plummeting for the third consecutive day. Where is the bottom? Let’s find out.
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The dollar index was up late Tuesday afternoon in Asia, extending the 0.8% gain in the previous session, when COVID-19 fears and worries over the US Congress’ stimulus impasse drove a selloff across other assets.