XAU/USD Price Analysis...from PhoenixMan

18 Jun 2020, 18:30 · Views 901

XAU/USD BUY, 0.01 Lot, holding 48min, pips -109.2

Edited 18 Jun 2020, 18:30

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Hi guys! The price for the EUR/USD pair is falling. I immediately saw two waves that go to strong resistance line. The price to return to the strong resistance line that EUR/USD broke 3 months ago. I expect the price to come to the resistance level and then bounce upward.

PhoenixMan

Hi guys, the price on the EUR/USD has sold off heavily lower in the last few sessions. As the attached daily and 4 hour charts show, price has also broken through multiple support levels when making this move lower. The best play in the near term could be to look to trade inline with this momentum lower with any quick rotations back higher into value. Price has just broken through the recent support level around 1.1691 and if we can see price move back into this level it could look to act as a new role reversal resistance level. This could also be a level to look for potential short trades with the recent momentum lower.

PhoenixMan

The price for EUR/USD pair continues to fall as I expected. The impulse for the fall was a strong resistance line, from which the price bounced off in the last week's end. Now the price has broken through the small resistance line. I expect to touch this line again and continue to fall. The final target is the support line at 1.168. What do you guys think?

PhoenixMan