EUR did some moves in both directions yesterday and closed the day a little below opening as expected. Investors are careful and avoid entering the market with big amounts. Daily indicators show that EUR is in the recovery mode right now. From the price behavior we may say that 1.3595-1.3600 is an important support and if broken we are going to test 1.3540 and 1.3510. First rasistance comes at 1.3650 then at 1.3685 and finally 1.3720-40. Above that final resistance upside will be restored and target will be above 1.3800 again. But i don't think of restoring the upside because EUR will continue to loose power in the days ahead. We need this correction higher to open sell positions at a better price and to gain enough power to take the price out of the 'triangle' about which i keep telling you in my previous forecasts. Later today is the FOMC meeting so until that range trade will present. Germany's trade ballance also may move the market with european session opening but it won't be something special.

GOLD has returned back to the old good support at 1222 where it feels safe and comfortable. The well known move will continue - some upside and then slide, then upside followed by slide. First support is 1222, second one is 1212, below that we are going to 1200-1190 or even below. 1215-1222 is the unknown area where is the bulls-bears battlefield, so avoid trading inside.

For today:

pretty much as yesterday's

LONG EUR above 1.3600 SL 1.3590 TP 1.3650-1.3680-1.3705-1.3725

SHORT EUR below 1.3590 SL 1.3600 TP 1.3555-1.3540-1.3515-1.3490

LONG GOLD above 1222 SL 1215 TP 1238

SHORT GOLD below 1210 SL 1215 TP 1198-1190

Good luck!

Views: 571

Comment by Massimiliano on January 8, 2014 at 6:17am
Thanks to Vladimir, your forecasts are the best. If you'd visit Italy it will be a pleasure have a dinner together.


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