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: price reached the lower 'Window'
The price has reached the lower 'Window', but there's no any reversal pattern so far. It seems like we're going to have a 'Hammer' pattern shortly. If so, there'll be time for an upward correction towards the nearest resistance by the 'Three Methods' pattern (1.1367). The subsequent pullback from this level could lead to a decline.
It's likely that we're going to have a bullish 'Engulfing' pattern soon because there's a pullback from the lower 'Window'. In this case, we should watch the closest resistance at 1.1367 as a possible departure point for another decline towards the next support at 1.1298.
Gold is steadily plummeting for the third consecutive day. Where is the bottom? Let’s find out.
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