As you can see my forecast from 26.01.2012 is still valid that's the main reason for not publishing any new recently, but i think an update will be welcomed. So now please take a closer look on Weekly EUR/USD , can you see some FLAG formation there, closing the week above 1.32 will take us to 1.3550 at least. We need that correction and it will happen within next 3-4 weeks, or even earlier. On the upside first resistance is 1.3230-60 then 1.3400, and above 1.3550. Downside scenario only if we break 1.30. Then we have a strong support @ 1.2950 where a bounce back to the upside is expected. But that depends highly on fundamental news. Breaking 1.30 will be hard thinking of Bernarke's decision to keep the rates unchanged. For now we have found a support @ 1.31 where MA14 passes. I think there will be good to enter LONG above 1.3040 for 1.3350 and then for 1.3550. Place 40-50 pips stop. Go SHORT only if we have a daily close below 1.2950 which i doubt. The most possible scenario for me is a jump to 1.3410 and then another move down to 1.3050.

Let's take a gold look now - GOLD is in a downmove and i do not recommend entering LONG right now, good position for LONG is 1685 if that's broken prepare for 1640 and if we have no clear bounce there we shall go to 1500 again. Enter LONG only on daily close above 1745-1750 for 1780-90.