|GOLD Intraday Technical Analysis|
|EUR/USD Intraday Technical Analysis|
The spot rate has bounced violently yesterday and is now testing the upper limit of its medium term bullish channel at 1.5760 and seems to initiate a decline. However, a break of these levels will release a good potential and initiate a more violent bullish trend.
Technical indicators provide buy signal but are approaching overbuy zone supporting a decline and until the resistance is not broken, the assumption of a decline is most likely. Bollinger bands are much discarded as a result of a strong increase these days. Stabilization is expected in a short term.
The spot rate tests its resistance and we recommend 2 scenarios: the first one is the hypothesis of a decline where we suggest a sell on the level of 1.5760 with the 1st objective at 1.5700 and then at 1.5680. A breakthrough 1.5780 will invalidate this scenario. The second scenario is the hypothesis of a break of its resistance where we advise a “buy stop”. We recommend to buy the spot rate as soon as it is broken through its resistance of 1.5760 with the 1st objective at 1.5820 and then at 1.5840. A breakthrough 1.5740 will invalidate this scenario.
Albert Fitoussi is taking part in the "Analyst of the Year" award organized by MT5.com portal. If you like his article, please vote for him.
Analytical expert: Albert Fitoussi
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