EUR finally is safe inside the 'triangle' formation, far away from the Senkou Span A following the very disappointing data from the USA last Friday. This means that FED will not taper again until March , and then is also uncertain. This means a generalized dollar weakness will present, as we shall continue to move inside the triangle in the following weeks. Once above 1.3720 the upside will be fully restored and the target will be set at 1.3830 and possibly to a new top. Whether we shall have a new top and break of the triangle to the upside will depend on fundamental data and rumors only. Despite all leading analyst keep saying EUR will go to 1.33, this is hard to happen when bad dollar data like last Friday is released.

EUR hit my 2 long targets and now is testing the support of the SMA200 which passes through 1.3660, next supports are 1.3630 and 1.3610. The situation may reverse only below 1.3570, but we are now 100 pips above so it won't happen today as no any important data in calendar.

GOLD has also reached my first 2 long targets, but currently remains below the resistance 1252. We have a negative Ichimoku right above at 1256. If we keep the 1244 untouched we may try an upside attempt to enter the cloud, but i think the first time price will be rejected. GOLD continues recovery on Daily, on H4 seems that the metal will correct a little bit lower today for example to 1238.

For today:

LONG EUR above 1.3640 SL 1.3625 TP 1.3705-1.3720

SHORT EUR below 1.3600 SL 1.3615 TP 1.3565-1.3540-1.3510-1.3470-1.3360-1.3250

LONG GOLD above 1244 SL 1237 TP 1254-1265

SHORT GOLD below 1230 SL 1236 TP 1220-1215-1200

Good luck!

Views: 543

Tags: EUR, GOLD, USD

Comment by Khan Green on January 13, 2014 at 7:06am

I am grateful for ur input. I wait for it eagerly. Many tnks

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