EURUSD at last produces a bullish morning star candlestick trade signal

EURUSD

Technical outlook and chart setups:

1. The EURUSD at last produces a bullish morning star candlestick trade signal as seen here. This indicates that bulls could take control over from 1.3550 levels. Intraday resistance is seen at 1.3600/10 which should be taken out in the next leg up. Only a break below 1.3490/95 levels would delay matters further. The counter trend rally, if materializes could extend up to 1.3750/1.3800 levels.

2. Support is seen at 1.3500(intermediary) followed by 1.3470 and lower, while resistance is at 1.3800, followed by 1.3880 and higher up respectively.

3. The wave structure indicates that EURUSD bulls should possibly stage an aggressive counter trend rally towards 1.3750/1.3800 levels. On the flip side, a break below 1.3490 would confirm that bears are here to stay.

Probable trade setups:

A failure ahead of 1.3900 could be sold, risk/stop remains at 1.4050, target towards 1.3300 at least. Aggressive traders could look to go long now, risk remains below 1.3490, targeting 1.3750/1.3800.

Gold

Technical outlook and chart setups:

1. An 8 hourly chart view has been presented here. Gold is seen to be reversing from trend line resistance as seen here around $1,278.00/80.00 levels (intraday highs were around $1,285.00). Furthermore, the fibonacci 0.618 resistance and support turned resistance (according to price action $1.280.00 levels) are converging as well. Only a break above $1,300.00 would confirm bullish reversal.

2. Support is seen at $1,245.00, followed by $1,230.00/40, $1,210.00 and lower while resistance is seen at $1,300.00/10, $1,330.00 and higher respectively.

3. The structure indicates that Gold could react at the resistance line seen here. Only a sustained break above $1,300.00 could prove that bulls are going to sty in control.

Probable trade setups:

One could remain short now, risk remains at $1,300.00.

Happy Trading