EUR reversed yesterday and closed the day above 1.3520 ahead of today's US GDP and jobless claims release. This move shows that bulls will make at least one more test of 1.3600 before a bigger correction. We have some 2-3 days for this to happen. Once 1.3610 is broken the move will extend to Feb 01st 2013 top at 1.3710. If we fail at 1.3610 the correction will reach 1.3350-60 support area. At this stage breaking below that area is not likely. I expect more volatility with the beginning of american session, until that we are locked between 1.3500-1.3540. As long as we are above 1.3500 the pair maintains a bullish tone.
GOLD is trying to make its way to the upside, but is currently stopped by the 1332 resistance, next resistance is 1350, above that last the move will gain power and may reach 1400 very quickly. Once below 1320 (daily close) the metal is quite possible to drop below 1300.
LONG EUR above 1.3500 SL 1.3480 TP 1.3585-1.3610-1.3660
SHORT EUR below 1.3460 SL 1.3475 TP 1.3430-1.3405-1.3395
LONG GOLD above 1320 SL 1315 TP 1350-1390
SHORT GOLD below 1310 SL 1316 TP 1290-1260