Hello Everyone,
The week has begun already with a few pairs showing a lot of promises.
Without wasting any much of your time, let’s hit our charts…
1. EUR/JPY
Finally, there is a bullish breakout from a key resistance level (126.175) of a pennant on the EUR/JPY pair.
Since October last year, we have seen this pair stay true to a descending resistance trendline until the breakout last week Friday.
We may see a slight pull-back before the bulls take price to the next possible resistance level (127.513)
2. XAU/USD (GOLD)
Gold is resting on a key support level (1280.50) on the 4 hours chart.
On the daily chart, it’s a huge downtrend. I will personally wait for the support level 1280.50 to break before I commit financially to this trade.
If the breakout occurs, we should fix our eyes on 1263.14 as the next possible support level.
What do you think?
