EURUSD:
Our preference: Bearish setups on a pull-back move to within 1.2685 – 1.2725 with targets @ 1.2665 & 1.2642 in extension.
Alternative scenario: Above 1.2725, watch for bullish setups with 1.2741 as target and 1.2764 in extension.
Comment: EUR/USD remains capped by negative trendline. Note that hourly stochastic and RSI are oversold. Watch the trendline area and level of 1.2715 (50% Fibonacci).
GOLD:
Our preference: Bearish setups within 1215.50 – 1225.30 with targets @ 1212.10 & 1206.68 in extension.
Alternative scenario: Above 1225.30, watch for bullish setups with 1229.63 as target and 1235.05 in extension.
Comment: Gold price remains in consolidation mode. Note that 20 MA has crossed above 50 MA on hourly chart. The price is moving above 20 MA and 50 MA on hourly chart. However, intraday bias is neutral. Hourly stochastic and RSI are mixed.
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