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: Monday's 'Window' acted as support
The Monday's 'Window' has acted as support, so the price is rising. It's likely that the pair is going to test the next resistance at 1.1429. If any bearish pattern forms on this level little later on, there'll be a moment for a downward correction.
There're a 'Hammer' and an 'Engulfing' patterns, which both have been formed on the last 'Window'. The main intraday target is the closest resistance at 1.1429. The subsequent pullback from this level could lead to the beginning of a bearish correction towards 1.1356.
Gold is steadily plummeting for the third consecutive day. Where is the bottom? Let’s find out.
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