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/JPY: the EUR weakens
SELL 127.6 SL 128.15 TP1 126.6 TP2 125.75 TP3 123.1
On the daily chart of EUR/JPY, the implementation of the "Broadening Wedge" pattern continues. If the pair moves out of the lower border of the consolidation range between 127.6 and 129.25, bears will try to reach the 88.6% target of the "Shark" pattern.
On H1, the "Broadening Wedge" pattern is still on. If the lower border of the 127.6-129.25 consolidation range is broken, the risks of the fall towards the 161.8% target of the AB=CD pattern will increase. Otherwise, if the pair breaks the resistance at 129.25, it will go up towards the 88.6% target of the "Bat" pattern.
Gold is steadily plummeting for the third consecutive day. Where is the bottom? Let’s find out.
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