Silver Is Testing the Support at 17.70

Yesterday Silver not only reached the support at 17.70 which coincides with (MA)89 on the daily time-frame, but it also briefly broke out below that level before retracing back up above it and forming a hammer candlestick on the same time-frame. Such a candlestick above an obvious support is usually a signal for a reversal, but for now the precious metal is still pushing to the downside and testing said support. Should the hammer candlestick prove to be a false signal and Silver breaks out below 17.70, next target is likely 17.30, which is the same (MA)89 indicator, but on the weekly time-frame. On the other hand, if it bounces off from the support, there will probably be a move to the upside towards 18.15 – 18.20. 

EUR/USD Formed a Large Bullish Gap

After the first round of the presidential elections in France yesterday, the results of which showed that two candidates with the most votes were Emmanuel Macron and Marine Le Pen, EUR/USD formed a decisive 200 pips gap to the upside, reaching a high at 1.0918. After that the pair began retracing, but whether it will recover that gap any time soon is questionable. So far EUR/USD has formed a hanging man candlestick and a doji candlestick at 1.0880 on the four-hour time-frame, which could be a signal for a further move to the downside. On the other hand, if the move to the upside continues, the next major target will likely be 1.1040, which is the (MA)89 indicator on the weekly time-frame.

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