There was an extremely low volatility yesterday, and only during the late american session EUR was able to progress to the upside reaching my first target. Currently the EUR trades around 1.3030 support and is quite vulnerable to another heavy drop. On H4 the price touched the Senkou Span A and was rejected from it and then unhappyly turned south. There is a wide negative Ichimoku above which will be hard to break with the recent news and economic data from the eurozone. Span B passes right through the second resistance @ 1.3140 and i think that at current conditions in the market the possibility of breaking above is very low. According to my model the EUR will try to break lower in the next 36 hours from the time of writing and target will be 1.2860-70 where we are going to meet the MA200 on Daily. Breaking MA200 is also possible, but i do not think we shall succeed at the first attempt, so use the prices below 1.2900 for buying opportunities. The major market movers today will be the consumer prices index for Germany and Italy and the Federal budget release later in the american session. Remember that any unsuccessful attempt to break 1.2940 will result in a powerful recovery well above 1.3000, for this we need to be fundamentally supported too, so read the news frequently.
GOLD seems to be stabilized at 1580-1575 and is going to try an upside attempt. The top target is 1615 but for that we need a clear break of 1592. Go Short below 1565.
For today:
SHORT EUR below 1.3000 SL 1.3015 TP 1.2960-40
or try this but only on H4 closed bar above 1.3055
LONG EUR above 1.3060 SL 1.3045 TP 1.3120-40
LONG GOLD above 1578 SL 1573 TP 1592-1605-1615
SHORT GOLD below 1565 SL 1570 TP 1550 and below
Good luck!
Comment by Konwerska on March 12, 2013 at 7:50am Thank you for your excellent analysis.
Comment by nazar on March 12, 2013 at 8:24am
Comment by Vladimir Mihaylov on March 12, 2013 at 9:59am yes, situation will be clear after the federal budget release
Comment by Ryan Veil on March 12, 2013 at 3:20pm LONG EUR above 1.3060 SL 1.3045 TP 1.3120-40 activate and lost
Comment by Mastan on March 13, 2013 at 5:51am Mr.Ryan, Loss is a part of Forex, it is important to be in a profit by the end of the month. Thanks to Mr.Vladimir which help us to be in a profit in the month
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