Downward movement continues.

On the four-hour chart the price tested 23.6% arc and 38.2% correction level for the short-term trend at 15.41 but failed to consolidate above this mark. Thus, a fall towards 15.18 (23.6% correction level) and 14.80 (0.0%correction level) is still possible. If the second attempt to hit 15.41 level is successful, the price may continue growing towards 15.60 (50.0% correction level) and 15.80. The latter is seen as a strong resistance as correction levels for the short-term and medium-term trends, 61.8% and 23.6% respectively, match there.

Trading tips

The breakout and consolidation above 15.41 would lead to the further growth towards 15.80. Stop-loss should be set at 15.25.

Alternative Scenario

When the level 15.18 is broken through, sell the pair with the target at 14.80 and stop-loss at 15.35.

XAG/USD: Fibonacci levels analysis




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