EUR is in a recovery mode after last week's big fall. It is still trying to find ground arown 1.3700. To resume the upside we need a daily close above 1.3930-40 zone. Upside limit is @ 1.4120 and 1.4170, i'm still maintaining my theory that we need another jump to 1.41 at least to make another lower top and to confirm the downtrend model. For today enter LONG around 1.3720 (when i'saying around it means +/- 20 pips) with a tight stop - 30-35 pips , first target 1.3860, second 1.3920. Below 1.3670 you'd better stop and exit. Any downside movement will be stopped by 1.3550 fibo level . We are now inside a wide negative Ichimoku on Daily, we have good support lines and one strong resistance @ 1.3900-1.3920 - be prepaired for a false breakout. My forecast is EUR to return to upside mode in the middle of this week or earlier. Pf course this is just my view - do not blame on me if i go wrong. If we close this week below 1.37 we shall go to 1.3400 in 2 weeks. Remember that every upside will be short lived and do not take too much LONGs . On weekly chart we are deep inside a possitive Ichimoku and are going to break it lower in 4-5 weeks. On Monthly picture looks pretty the same, a huge downside movement is pending.
GOLD as expected moves up, and will reach 1800 this week, maybe within 2-3 days - upside resumed - if you remember and take a look back i've told you that we need a daily close above 1740 - and that happened on 24.10.2011 - since then GOLD hasn't fall below that.
Feel free to post your comments and positions.