Gold price remains in sideways range, settling now near 1770.00, while EMA50 remains supporting the price from below.
After the strength that 1.3000 showed against the bearish attempts of the EUR USD yesterday, the price starts today's trading with clear negativity maneuvering around the mentioned level, while Stochastic keeps the negative pressure on.
The EURUSD was continuing the retrace move to the downside from the explosive uptrend that occurred after FOMC on Thursday and Friday of last week. The Long Term Profiles Yearly and Quarterly provided clear and precise resistance levels, which started the retrace on Sunday Night and it continued into late afternoon today.
Within GAFNN Live Forex Room we took advantage of the sell signals that were being generated by the weekly and daily profiles, and being supported by the Monthly Profile as it already transitioned into a retrace phase after making a bullish breakout on the month.
The EURUSD had traded below the Zone-Trader Pivot or Point of Control on the Weekly Profile, which the price of that level was 1.31270 and the cross rate was at that point attempting to make a bearish breakout on the week. This Told us to continue looking for short-term sell signals on the Daily profile and look for price to push lower towards the midpoint between MS1 and MS2 and possibly lower....
The quiet bearish bias continues to appear on the EURUSD pair, closing gradually from the retesting levels between 1.3040-1.3000, while Stochastic puts negative pressure on the intraday treding.
The EURUSD began to find resistance on Friday within the Yearly Profile around 1.31279 which is the price of the first 1/8 line within the Persistence Zone that falls just above the Bottom.
When this price level was touched on Friday the EURUSD had traded up into Distribution 2 within the Zone-Trader model which is MR4 to MR11 and touched the Zone-Trader Pivot of Distribution 2 which is the midpoint between MR7 to MR8.
Once the EURUSD hit this ZT Pivot the market then became balanced on the week within Distribution 2, which suggested traders should look for prices to slow and start moving into a slight sideways pattern on the short-term, while the EURUSD oscillated around the ZT Pivot or Point of Control in attempt to make a breakout either in the bullish or bearish directions....