EUR has slided to 1.2940 yesterday mainly on lack of important data from EU, and small profit taking since Friday night. The process was slow and continuous, but later through the US session it bounced from 1.2940 and reached 1.2970. Till now we have a quiet Asian session with no surprises. For today the key market mover will be mr.Draghi's speech some 30 min after EU session start. Any word about the ECB bund buying is accepted good from the investors, keep that in mind, it can support the EUR rise. Asdditional support will add some good data from Frace and Italy, if any. Also today mrs.Merkel is in Greece, any good news from that visit will fire the EUR rocket. No important data from the US today is expected. Let's take a look at the charts now.Daily MA14 passes through 1.2937 level and it stopped the EUR downside yesterday. Breaking it without a very good reason will not have any matter because very colse is 1.2905 which is the 23.6% fibo level - also a good support. So we have a 30 pips strong support zone. And just below it is the 1.2880 diagonal support line. The absolute bottom is 1.2800 which if reached will turn into a double bottom formation which will fire the EUR back in space over 1.30.
As we can see to the downside we have too many and too close support zones - resistances are quite less, so i expect the EUR will take the easiest way and it is UP. First resistance is 1.3000, second is 1.3040-70, third is 1.3170. It's less possible to overtake 1.3170, so above it i won't discuss right now.
LONG EUR on H4 close above 1.3000 SL 1.2970 TP 1.3070 - 1.3120 - 1.3170
if SL is hit wait for the price to reach 1.2900-1.2925 and enter LONG again, with 20-30 pips SL and targets above. If second time hit SL, exit completely the market and wait for 1.2800
At this time i do not suggest downside, but this doesn't mean it won't happen, so be very careful when enter the market.
GOLD remains in a high level consolidation mode, preparing for the big jump above 1800. Enter LONG above 1770 SL 1763 TP 18000 and above.