GAFNN.com Blog

EUR USD ended last Friday's trading with negative pressure closing below the critical level of 1.2910, closing gradually from the main 1.2725 level that meets the EMA50.

Gold showed positive trading yesterday moving near the key level of 1780.00, as we mentioned previously the importance of breaching above this level to ease the way for more upside targets.

The pair found good support base around 1.2830 forced it to bounce to the upside supported by Stochastic positivity on the daily time frame, to step above the critical 1.2910 level.

Gold price declined sharply yesterday to hit the wait support around 1746.00, as we were waiting for some bearish actions for yesterday before resuming the main upside trend.

EUR USD moved negatively yesterday to find solid ground around 1.2835, as the price moves sideways since hitting the mentioned level.

The daily chart above shows us that Gold price broke the support line of a minor upside channel pulled the price to the recent recorded high around 1787.00, this break that was followed by daily close below it signals for more decline to visit the main upside channel's support –currently at 1746.00- before resuming the main bullish trend.

EUR USD trading settled yesterday below the critical 1.2910 level, which opens the door for more decline that we consider a minor correctional action after facing strong resistance at the 38.2% Fibonacci level for the bearish wave shown in the image above.

The EUR USD pair remained settled above the critical support level of 1.2910, as we mentioned in our previous reports that a clear break below it will open the way for more intraday and short term decline.

The gold price is stuck in a sideways' trading range since the 13rd of this month, this trading range assists the price to gain some positive momentum on the daily basis.

The EUR USD trading remains stuck between the critical levels mentioned in our previous reports, these levels represented by 1.2910 support and 1.3040 followed by 1.3145 resistance, as we still waiting a clear surpass for one of them to confirm the next trend.