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/USD: bearish 'Engulfing' led to consolidation
The market has been consolidating since the last bearish 'Engulfing' formed. So, it's likely that the pair is going to test the nearest support at 1.1737, which could be a starting point for a bullish price movement towards the next resistance at 1.1836.
The 34 Moving Average is acting as support, but we've got a 'Shooting Star' pattern. In this case, the market is likely going to achieve the closest support at 1.1737. If a pullback from this level happens little later on, there'll be a green light for a bullish rally.
Gold is steadily plummeting for the third consecutive day. Where is the bottom? Let’s find out.
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