Hello my fellow traders,
let’s hit the charts…
1. EUR/USD
Price on the EUR/USD has so far respected two key levels which are: 1.08792 and 1.08280 on the 4 hours chart.
But again, that does not mean that price will consolidate within these two-levels since our daily time frame still dictates the Bears rule.
The gravestone doji formed on the 4 hours chart also shows you that the Bears are lurking around the corner, waiting for an opportunity to take over the market.
If they do, then our next support level would be 1.07726.
This is a setup to watch out for this Wednesday.
2. XAU/USD (GOLD)
Though Gold has an overall bullish outlook, it spent the better part of today consolidating, hence defining a descending channel pattern.
Personally I will be watching out for a breakout at resistance level 1708.30.
If the breakout plays out, then we may most likely see Gold defy gravity and head for the next possible resistance level (1737.38)
What are your thoughts?
