This piece delves into the technical outlook for gold, EUR/USD and USD/JPY, analyzing their price behavior and market sentiment to forecast their near-term trajectories.
) dropped sharply on Wednesday, but managed to hold above support at $2,375. Bulls need to defend this technical floor tenaciously to avoid a deeper retrenchment; failure to do so could lead to a move towards $2,360. If weakness persists, the focus will shift to $2,335, the 38.2% Fibonacci retracement of the 2024 rally.
In the scenario of a bullish turnaround, the first major resistance worth watching emerges at 1.0865, where a crucial trendline intersects with the 50% Fibonacci retracement of the 2023 decline. Overcoming this technical obstacle won't be easy, but a successful breakout could see bulls targeting 1.0980, the March swing high.pushed higher on Wednesday, closing in on horizontal resistance at 156.80. Bears must defend this barrier diligently; failure could pave the way for a climb to 158.
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