EUR is quiet ahead of the mr.Draghi's speech later today and the US jobless claims report. I expect some more slide to test 1.3470-80 support and then a new wave up to develop with target above 1.3600. First resistance is 1.3550 and second is 1.3610, finally 1.3670-90. And there tomorrow will be the key point whether we shall have a new top or a fail. Failure at 1.3710 will form a double top on Weekly with target 1.3300. We are bullish now at Daily and Weekly, smaller time frames will turn bullish once above 1.3550-60. Below 1.3440 we risk further downmove to 1.3400 and 1.3350 but this is less possible i think.

GOLD still keeps trying to move to the upside but the 1690-95 is very strong. Once broken it will open the way to above 1700. Fail there means another drop to 1650 maybe.

For today:

LONG EUR above 1.3480 SL 1.3460 TP 1.3600-1.3680

SHORT EUR below 1.3440 SL 1.3460 TP 1.3400-1.3360

LONG GOLD above 1670 SL 1667 TP 1688

SHORT GOLD below 1692 SL 1696 TP 1672-1652

Good luck!

Views: 1007

Tags: EUR, GOLD, USD

Comment by Vladimir Mihaylov on February 7, 2013 at 4:04pm

LONG EUR for today reached half of the target price, and after the mr.Draghi's speech SHORT EUR strategy is in place with the first target reached. We have a support level @ 1.3350 and below free fall will continue to 1.3250. From now i can say we have a Weekly double top formation and target for the days ahead will be 1.3220-50 - 1.3170 strong support zone. If that last si broken EUR will drop below 1.3000 for sure.

Comment by Kobe on February 7, 2013 at 5:48pm

nice setups Vladimir! Bravo

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