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EUR Market Recap
We did not close strong yesterday as the candle yesterday is built with more than 50% as wick vs the candle body.
We still have not made significant progress with EUR after breaking the 1.04583 level.
A strong and sustained break must always have a follow through or it may just be a fake out.
Currently, we are still hovering below equilibrium of 50% of the whole range which is not looking good for the EUR.
This also makes sense since USD is picking up strength for 3 consecutive days.
Picking up strength does not always mean that we are now reversing from bearish or ranging market to bullish. We need follow-through.
As of now, we are on a bearish sequence on the 4-hour chart. We still await significant catalysts like CPI upcoming this week.
EURGBP Analysis
We have broken out of the previous range and we are currently testing the previous resistance turned support level 0.83276.
4-Hour Chart
If we breakout of this 4-Hour range and USD continues to pick up momentum, it might difficult to pull down EURUSD as EUR is stronger vs GBP.
Until then, we are to wait for a significant reaction at the 4-Hour Support and Resistance.
GBP Market Recap
If we breakout of EURGBP, and USD is about to do the same, we could anticipate GBP to be easier to pull down vs EUR.
Like EUR, there’s no significant move yet with GBP to the upside as USD is gaining strength.
We have now broken down the previous low and we are looking for price to trade to and break through the 1.22491 level.
Gold Market Recap
We are still at an all-time level with Gold, and we are looking for Gold to reach the $3000 psychological level for a take profit.
Is it still too late for an entry?
- We can still look for an upside opportunity with Gold if the bullish confirmations are evident:
- Support Opportunity at the previous broken resistance.
- We can look for a fill of the gap.
- Bullish sequence on the lower timeframe like 1-Hour.
Bearish Scenario
- We are looking for a bearish scenario as long as:
- Dollar would pick up strength.
- Bearish Sequence (Lower Highs and Lows)
Gold Sentiment is still strong.
- After everything that’s happening:
- Trade Wars
- Russian-Ukraine War
- Asian Archipelago Conflict (China’s Claims)
- Bear in mind that Gold is a safe-haven currency where it appreciates and sometimes overwhelms the strength of USD.
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