EUR finally has found a temporary support @ 1.2160-70 and despite the high volatility yestersay it ended higher outside the narrow downside channel which was formed near a month ago. I'm looking at that move as the necessary correction before increasing the sell pressure on EUR again. None of the problems in eurozone has found a decision, and i may say that for the temporary stop of the EUR fall must thank to the bad US data. Lets take a technical look over the charts now. Yesterday there was a question on my wall about MACD and RSI bullish divergence on Daily - well i'm not using RSI but on MACD we can see that it is true and bulls are gaining power. For now we are still below MA14 which is now @ 1.2340 so until we are below i cannot say we have a bullish wave. But if we somehow pass that 1.2340 next resistance will be 1.2400 and then 1.2440 where more strong resistance is situated. If we have a Daily colse above that , we shall make another at least 100 pips up to 1.2550 where is the downside border of a thick negative Ichimoku cloud. It's too early to break it higher, and EUR bulls will be strongly rejected from that border. On the downside - enter SHORT only below 1.2170. For me the most possible scenario will be reaching 1.2450 and some consolidation around it for a week before new wave down. I'm expecting that breaking the negative Ichimoku will start at the end on the next month or in a beginning of September.
On H4 we are very close to very thick Ichimoku cloud and I think today we may fall again to 1.2240 and then up again and then close the day somewhere around 1.2280, anyway for today i'm not seeing move over 1.2370.
If GOLD succeeds to pass through 1600 it may reach 1610 today, it's now in up move as USD looses price.