EUR has reached the unbelievable top of 1.3710 and then pullbacked almost 100 pips. As forecasted the pullback started during late american session and continued in today's early Asia. Upside movement is not over yet, and this is just a correction move for partly profit taking. As the upside move was extremely high correction may go even to 1.3490 in the following days before a new upside attempt to develop. We are waiting a double top formation on Weekly to confirm a top has been reached and that current upside move is totally over. Monthly, weekly and daily frames are bullish, H4 is also bullish at the time of writing, trying to find some support @ 1.3600-1.3610, if that fails next support is around 1.3560-75, and if that is broken too then 1.3500-1.3490.

GOLD is locked between 1664 and 1680. Break of either will mean continuing in same direction.

For today:

LONG above 1.3610 SL 1.3590 TP 1.3650-1.3700

LONG above 1.3560 SL 1.3550 TP 1.3610-1.3650

SHORT below 1.3550 SL 1.3570 TP 1.3500-1.3490

LONG above 1.3490 SL 1.3470 TP 1.3560-1.3610

LONG GOLD above 1664 SL 1660 TP 1676

SHORT GOLD below 1678 SL 1682 TP 1668

Good luck!

P.S.Thank you all for voting for my activity on the FX network and for the confidence. If you want to be my friend, please send me a request.

Views: 1571

Tags: EUR, GOLD, USD

Comment by abdulgafoor noor mohamed on February 4, 2013 at 7:15am

HI BRO THANK U

Comment by Satish Kumar on February 4, 2013 at 3:20pm

both stop loss hits.... in long setup............ :(

Comment by Peter jcp on February 4, 2013 at 3:32pm

I don't trade Gold - so not a clue on what might happen next - But on the EU Satish - Vladimar's stop at 3550 is still holding and we are try in make a turn for back up again. Under 3550 and more support at 3540 then more likely lower - but if we carry on staying above these two supports - we then just need to break through resistances at 3575/80 area for higher again.

So if you see price trying over 75 and 80 again - get back in the buys - GL

Comment by Satish Kumar on February 4, 2013 at 3:38pm

thanxx peter sir,, 

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