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: step backwards and two steps forwards
TP1 1.1845 TP2 1.1865 TP3 1.1910
On the daily chart, EUR/USD is correcting to the short-term downtrend towards 38.2% of the last bearish wave and higher. The pair formed a pin bar and if it goes below its lower border bears will be able to return the pair to the diagonal support.
On H1 of EUR/USD, there’s a “Crab” pattern with a target at 161.8%. Formation of a “Three Indians” pattern increases the risks of decline to the convergence area 1.1740-1.1747, where bulls will become more active.
EUR/USD is supported around 1.1750. However, the pair has already fallen below the summer support line. We’ll view buy trades only when the pair returns above 1.1800.
The NZD/JPY pair is trading within the cloud. A failed attempt to move higher will push the market to exit the Kumo, confirming a bearish scenario.
Gold is steadily plummeting for the third consecutive day. Where is the bottom? Let’s find out.
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