It was a volatile Thursday yesterday as the EUR/USD dropped to 1.3540 and then reversed to 1.3675 following the mr.Draghi's optimistic speech. Currently the pair is consolidating at the top, preforming small correction moves. Today's support is at 1.3620-30, then 1.3580 and 1.3560. They are too close and won't be broken by Friday's profit taking. To break them we need a lot better than expected and also than previous NFP, something in which i really doubt. We have a 'flag' to the upside but also we are inside Ichimoku which prevents the further upside with last efforts. Once above 1.3680 the pair will go easily above 1.3700. The question is how long it will stay above and where to go SHORT. I wish to know the answers too :) Let's take another look - we are currnetly just below the final resistance 1.3680 and above that we have no resistance until 1.3740-50 and then 1.3820. To the downside we have the 1.3640 support which is 61.8% FIBO and 1.3580 which is Senkou span A on H4 frame, then 1.3560 which is 50% FIBO and only below that 1.3560 we may set the target for 1.3510 and below. So consolidation will continue until US data is released but some correction to test the 1.3640-50 may occur.

GOLD has failed to make gains on a weak dollar and lost 1240 level, then returned to the secure area above 1220 but below 1230. Daily indicators are bearish, but start to show some upside correction in the near future. It is difficult to give you the exact entry points here as the price is in a neutral area at the moment.

For today:

LONG EUR above 1.3640 SL 1.3620 TP 1.3690-1.3710-1.3740-1.3760

SHORT EUR below 1.3740 SL 1.3755 TP 1.3690-1.3670-1.3640-1.3580

SHORT EUR below 1.3680 SL 1.3695 TP 1.3640-1.3600-1.3580-1.3560 (use this if we go above 1.3700, but fail to stay above it, enter when the price returns from above 1.3700, not when it moves up)

LONG GOLD above 1223 SL 1218 TP 1236-1250

SHORT GOLD below 1220 SL 1225 TP 1210-1200 and below

Good luck!

Views: 574


Comment by Lisel on December 6, 2013 at 7:35am
As always many thanks
Comment by Kurt Stolz on December 6, 2013 at 1:21pm

thanks Vladimir!


You need to be a member of Forex Social Network to add comments!

Join Forex Social Network


© 2014   Created by FXStreet.

Badges  |  Report an Issue  |  Terms of Service


Live Video