After several unsuccessful upside attempts EUR slided below 1.3600 , however bearish move was lacking power and near 1.3550 it stopped completely. This morning EUR has recovered a little bit from yesterday's losses as the market players leave the market waiting for ECB decision today. There are speculations that ECB may do another rate cut, so today's meeting will be watched with a great interest. Some high volatility is expected \bad time for placing SL\. I don't have any idea of what the ECB will decide, so i will read the technical picture at the moment. Weekly, Daily and H4 indicators are bearish. We can see that on Daily the price is supported by the negative Ichimoku, we may have a break lower here, and a quick in speed of light recovery even a full reversal to the upside, as the negative Ichimoku usually goes broken to the upside, not to the downside. Yes, it is a small one, but is negative :) Another thing is that 'triangle' currently we are still close to it and may return inside at any time. On H4 we are inside a resistance area of 1.3550-1.3590 which sometimes extends to 1.3640. Only above we may try 1.3690 and 1.3730.

GOLD still is in a stand-by, as long it is above 1218 there are still chances for upside move, once below 1212, the metal will become under a downside pressure. Resistance is around 1245, on break we are going to 1265.

For today:

LONG EUR above 1.3575 SL 1.3560 TP 1.3650-1.3690-1.3720

SHORT EUR below 1.3560 SL 1.3575 TP 1.3520-1.3495-1.3470-1.3430

LONG GOLD above 1220 SL 12515 TP 1245-1260

SHORT GOLD below 1210 SL 1215 TP 1200-1192-1186

Good luck!

Views: 673

Tags: EUR, GOLD, USD

Comment by masroor khan on January 9, 2014 at 12:04pm

GOLD still is in a stand-by, as long it is above 1218 there are still chances for upside move, once below 1212, the metal will become under a downside pressure. Resistance is around 1245, on break we are going to 1265.

For today:

LONG GOLD above 1220 SL 12515 TP 1245-1260

SHORT GOLD below 1210 SL 1215 TP 1200-1192-1186

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