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Technical Update - Is EURUSD sell-off done or more to come? Gold finding support - rebound?
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Summary: EURUSD correction testing key support. Rebound or break to 1.07?
Gold XAUUSD sell-off could be done and a rebound in the cards. Back to 2,086?
EURUSD has broken below minor at 1.0825 and the 0.382 retracement, and below the 200 DMA. EURUSD seems likely to test support at around 1.0762. A break below could see EURUSD dipping to 1.0730-1.0700.
If that scenario plays out that could be it for the EURUSD correction, the 55 DMA will add to the support around 1.07.
RSI is still positive and with no divergence indicating this is merely “just” a correction and EURUSD could resume uptrend after the correction.
However, if RSI during this sell-off is closing below 40 threshold, there is more downside potential for EURUSD. That scenario could play out if EURUSD is closing below 1.0730
A close back above 1.0826 is likely to see EURUSD resuming uptrend with potential back to the 1.10 level Gold XAUUSD collapse following the huge spike to all-time seems to have found solid ground at the 0.618 retracement of the November-December bullish move at around 2,009
A rebound is in the cards. A rebound that could take Gold to the 0.382 retracement of the sell-off following the spike up at 2,057. However, with RSI still showing positive sentiment and no divergence there is upside potential to the 0.618 retracement at 2,086
A break below 2,009 is likely to send Gold to the 0.786 retracement (of the Nov-Dec bullish move) at 1,975 Latest Market Insights
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