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: 'Three Methods' pushed the price lower
The last 'Three Methods' pattern pushed the price lower, so all Moving Averages have been broken. It's likely that the pair is going to test the next support at 1.1368 in the coming hours. If a pullback from this level happens next, there'll be an opportunity to have a correction towards the Moving Averages (1.1424).
There's a bearish 'Three Methods' pattern, which means we should watch the closest support at 1.1368 as an intraday target. The subsequent pullback from this level could lead to an upward correction. If so, bulls will probably try to reach the nearest resistance at 1.1424 by the Moving Averages.
Gold is steadily plummeting for the third consecutive day. Where is the bottom? Let’s find out.
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