. There is a possibility of temporary retracement to resistance support line (1280.90). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. XAUUSD is in a range bound and the beginning of downtrend is expected.
. Price is below WEMA21, if price rises more, this line can act as...
EURUSD could experience a potential downtrend because there is a double top in the 4hr time frame.
Targets are either the 50%, 61.8% or even the 1.1210 level.
However this analysis is invalidated when prices closed above the double top pattern.
I've seen a number of charts on TradingView publishing a buy on this pair on a "retracement" or "pull back".
However, I disagree with this and speculate that this pair will be coming back right down.
I won't go too much into it as my chart speaks for itself.
Trade safe and good luck!
The pair has reached the top Trend line for multiple time frames : 1W, 1D and 4HR and is also considerably overbought on 1HR, 4HR and 1D.
In terms of entry - this can either be an instant entry or a bearish indication can be anticipated.
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Foreseen, a possible head and shoulders forming. Should go short, all depends on the effect of AUD this morning at 2:30 am.
Looking at the previous 'actuals' and 'forecasts' Aud is most likely to spike up and drop back again.
EURUSD failed to hold above 1.13 yesterday and finished in the negative territory amid a widespread rally in the greenback despite weak US industrial production data. However, the pair resumed the upside move on Wednesday as dollar turned bearish due to a better risk sentiment in the global financial markets.
Investors are cheering stronger-than-expected...