EUR/USD has turned up from the 50-day MA at 1.1715 yesterday. This is a sign that buyers are strong. Still, the short-term resistance line limits the upside at 1.1870.
EUR/USD: bulls made a stop
TP1 1.1780 TP2 1.1880 TP3 1.2035
On the daily chart, EUR/USD keeps forming a “Shakeout-Fakeout” pattern. If bulls manage to keep the pair above 1.1630 test resistance at 1.1710 for the second time (38.2% of the long-term bullish wave), the odds of reaching 88.6% target of the “Shark” will increase.
On H1, EUR/USD formed a “Wolfe waves” pattern. Conservative approach implies buying on the break of the diagonal resistance at 2-4. It’s the upper border of the “Spike and ledge”.
USD/JPY is declining for the fifth day in a row. When the pair fell below 105.00, it entered a new, lower range.
The resistance line is limiting USD/JPY on the upside and, unless the pair tries for a breakout (which anyway will meet resistance at 106.50 and 106.80), the easiest path for it will be to go down.
Gold is steadily plummeting for the third consecutive day. Where is the bottom? Let’s find out.
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