We had another negative weekly close on EUR after the sharp fall two weeks ago. Now we are in a consolidation mode and prepairing for the next leg down - probably we have to test 06.06.2010 week low @ 1.1875, but before that we shall encounter 1.2150 which may prove good support. Until we are above that and above 1.2000 watch for massive daily take profit which would make EUR jump at least 220 pips up for a day. This will mark the end of low wave and EUR will enter in some correction wp to 1.2440 and then to 1.2900 or 1.30 maybe. From there a new down move will begin. If that move won't succeeed to make any new low, there will be a reverse and EUR will break 1.3000 and will continue to 1.4000. But I really doubt this is going to happen this year.
Things in Europe are pretty bad, overseas not good to but better for now. Merkel is all alone, with socialists spreading across Europe, unemployment grows, banks want help again and again.
Here is my forecast for today: SHORT EUR below 1.2280-1.2270 TP around 1.2220 SL 35-40 pips, if we have H4 close below 1.22 enter SHORT again for TP 1.2155 .
EUR is now in a correction move which may extend to 1.2330, so have this on your mind. If we reach 1.2315-30 enter SHORT with 40 pips SL , first TP @ 1.2210, second @ 1.2130
I hope some of you have bought GOLD @ 1560 as i've adviced you not long ago, if not then wait for next EUR weakness to enter LONG on GOLD market. You also may enter now if you can handle some 50-60 USD against you first target is 1660.
Any questions and comments are welcomed, but i can't help you with other pairs.