Technical Overview - 17th June

EURUSD - Down Channel

The latest price action of the most traded currency pair shows on a 15 minutes chart a descending channel. The price is currently trading at the trend line and has found a local support at 1.1221. A break below this support could trigger another rally of the greenback, that could target the next important support from 1.1190, or even the previous lows from 1.1131. 
On the other hand a break above the trend line and above the local resistance from 1.1270 could trigger a rally for the Euro with next resistances at 1.1300 and 1.1320.
EURUSD - 17th June Down Channel

GOLD - Back In the Range

The rally of Gold took a break between 1277 and 1287. After the sideways move a break on the upside occurred and the rally got the price to a new high above 1310 dollars per ounce. These levels did not last much and bears pushed the price back down inside the previous range. 
A break above the resistance could trigger another rally towards the 1300 level, while a break under the support is expected to announce another drop in the price, most probably towards 1265.
GOLD- 17th June Back in the Range


The price of USDJPY has bounced back up from the latest lows, and as expected yesterday, headed towards 105.00. It only reached the 50% retrace of the previous down move. This corrective swing seems to be a Flag. This price pattern usually signals a continuation of the previous move. Theoretically a break below the lower line of the Flag would signal that there is a high probability for the price to drop back to 103.50 or even lower towards the full target of the pattern, at 102.27.
USDJPY - 17th June Flag Pattern

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