EURUSD and GOLD give back all the gains
EURUSD started this week great but it did not last for long. The second half of the Monday was very bad for the main pair and instead of the legitimate buy signal we got the sell one instead. The price broke the 1.194 support and the lower line of the flag. Currently, we are using the 1.194 as a resistance and the further drop is more probable.
Gold is also suffering because of the stronger USD. Here, it was a little bit more expected as the style of the bullish bounce was very questionable. Buyers failed to break the 1322 USD/oz and failed to hold above the 1318 USD/oz. As for now, the sentiment is negative and another test of the 1305 USD/oz looks imminent.
Good buying opportunity can be spotted on the EURCAD, where the price is bouncing from the combination of three important supports: long-term up trendline, 38,2% Fibonacci and the horizontal one on the 1.523. The mid/long-term buy signal is definitely on.
This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis