Hello Traders,
Just before we go celebrate Valentine’s day with our loved ones, let’s quickly hit the charts, you never can tell, pips made could pay some of the bills.
Here we go.
1. EUR/USD
The EUR/USD has just broken a huge support level on the weekly chart.
The last time support level 1.08808 was broken was 3 years ago. Since we are hitting the last day of the trading week, we have two choices.
The conservative traders could wait to take this trade next week after the weekly candlestick would have close (hence giving a better outlook of the market) or
The less conservative traders could hold a sell trade position through the weekend (That is if the daily chart closes favorably).
If our bearish bias holds, we could be looking at another +230 plus pips fall to the next possible support level (1.05891).
2. XAU/USD (GOLD)
Gold made it back to resistance level 1577.02.
The big question now is… What next?
Are we going to see a reversal of price back to support level 1563.29 or a breakout that could push price to the next possible resistance level 1588.44.
Patience would be required to determine what Gold’s next move would be.
That’s all from us this week ladies and gentlemen. I wish you all much love and do have a beautiful Valentine celebration.
Happy Valentine’s Day!
