EUR jumped up higher after unsuccessful attempt to break the 1.2960-1.3000 support zone. It has formed a flag and yesterday's close above 1.3080 has put the EUR in a recovery mode. The recovery may continue as long as the price is above 1.3060, next target is the resstance area 1.3165-75 and above that 1.3220-1.3250. I expect somewhere ahead of 1.3300 to start the next leg down of course if 1.3175 is sucessfully broken - this is the necessary condition. We have the Ichimoku border on Weekly @ 1.3145 so you may try to sell there, or a little above @ 1.3165 if reached, and hope that next week we shall test 1.3000 again. It is difficult to promise you that we shall drop again next week, because always the rate decision makes a great impact and especially when confirmed for a long time in the future. Seems noone has paid attention of the bad data from Germany. I think this is just a pullback move of the huge drop from 1.3700 which lasted over a month. I think we still may expect the recovery to extend to 1.3250 like i always keep saying - now it is time to see if i was right. For today 1.3165-75 seems strong enough and i will sell there.

GOLD again was neglected with the focus on EUR/USD, and the metal consolidated unhappily. You may try LONG above 1570 with first target 1592 and if broken then 1620.

For today:

LONG EUR above 1.3060 SL 1.3040 TP 1.3150-75

SHORT EUR below 1.3175 SL 1.3190 TP 1.3100-1.3080

LONG GOLD above 1570 SL 1565 TP 1590-1605-1620

SHORT GOLD below 1560 SL 1565 TP 1550 and below

Good luck!

Happy women's day to all the women who read my forecasts :)

Views: 1422

Tags: EUR, GOLD, USD

Comment by xtian21 on March 8, 2013 at 7:32am

Thank you so much .. have a great weekend.

Comment by Georgi Vukov on March 8, 2013 at 7:42am

Today is NFP's day with expectations for a good number, I don't know if someone will want to go short dollar before 1:30p.m. GMT. Someone might want to consider this first http://www.forexstreet.net/profiles/blogs/eurusd-forecast-for-8-3-2013

Good Luck

Comment by Kezzie on March 8, 2013 at 10:38am

Thank you Vladimir. Your Blog is my first port of call each day. :-)

Comment by Vladimir Mihaylov on March 8, 2013 at 10:56am

My position: LONG EUR @ 1.3082 TP 1.3130 +48 pips

Comment by Vladimir Mihaylov on March 8, 2013 at 11:18am

If the NFP is better than 165000 then we may see GOLD rally and oil rally too

Comment by teddy on March 8, 2013 at 11:29am

Shouldn't the USD rally in that case and GOLD drop?

Comment by Vladimir Mihaylov on March 8, 2013 at 6:35pm

Sometimes GOLD is not infuenced by the dollar moves. So today EUR dropped heavily after a lot more than expected NFP was released. Currently EUR still avoids dropping below 1.2950, somewhere around 1.2960 buyers appear. Let's see whether we will have a confirmation on Monday of the bearish continuation pattern we have formed today. Have a nice weekend :)

Comment by Kobe on March 8, 2013 at 7:42pm

you too a nice weekend Vladimir, thanks for your blogs, they are really good.

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