EUR/USD: bearish 'Engulfing' led to consolidation

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.



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XAU/USD: an attempt to recover

After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.

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