2018-10-10
EUR/USD made new lows yesterday at 1.1432 very close to our target area of 1.14-1.1420. EUR/USD bounced above 1.15 afterwards. There are high chances that the bearish trend is complete and a new up trend has started. However for this to be confirmed we will need more signs of strength.
Orange dots - medium strength resistance
Red dots - maximum strength resistance
In the 4-hour chart as shown above EUR/USD has stopped its rise at the medium strength resistance level of 1.1520-1.1530. Bulls will need to break and close today at least above this level. However the most important short-term resistance is at 1.1560-1.1570 area. In order to call a bottom and a reversal bulls will need to break this level. Otherwise another rejection at current levels will bring EUR/USD to new lower lows closer to our initial target of 1.14-1.1420. EUR/USD is near the end of the bearish trend. I do not believe this is the time to be bearish EUR/USD for more than a day.
Technical analysis of Gold for October 10, 2018
2018-10-10
Gold price remains trapped inside the trading range. Gold price got back in the bearish long-term channel and continues to move sideways.
Green lines - bearish long-term channel
Red lines - short-term trading range
Gold price has remained inside the trading range yesterday as well. Price is very close to the lower range boundary and support is found at $1,184. If broken we expect prices to move towards $1,175-70 minimum. Resistance is at $1,193. If broken we could see another run towards $1,200. For a break out and a move towards $1,220-40 we need to break above $1,207-11. Until this happens, price is vulnerable even for new 2018 lows.
Red dots - maximum strength resistance
In the 4-hour chart as shown above EUR/USD has stopped its rise at the medium strength resistance level of 1.1520-1.1530. Bulls will need to break and close today at least above this level. However the most important short-term resistance is at 1.1560-1.1570 area. In order to call a bottom and a reversal bulls will need to break this level. Otherwise another rejection at current levels will bring EUR/USD to new lower lows closer to our initial target of 1.14-1.1420. EUR/USD is near the end of the bearish trend. I do not believe this is the time to be bearish EUR/USD for more than a day.
Technical analysis of Gold for October 10, 2018
2018-10-10
Gold price remains trapped inside the trading range. Gold price got back in the bearish long-term channel and continues to move sideways.
Green lines - bearish long-term channel
Red lines - short-term trading range
Gold price has remained inside the trading range yesterday as well. Price is very close to the lower range boundary and support is found at $1,184. If broken we expect prices to move towards $1,175-70 minimum. Resistance is at $1,193. If broken we could see another run towards $1,200. For a break out and a move towards $1,220-40 we need to break above $1,207-11. Until this happens, price is vulnerable even for new 2018 lows.
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