EUR was unable to break the 1.3070 resistance yesterday, and my upside scenario has failed. EUR formed a double top formation and together with the much better than expected economic data from US went deeper below 1.3000, triggering my short strategy. Downside move stopped at 1.2923 with a 50 pips pullback. Currently EUR is testing again 1.2940-50 support zone. Now previous support at 1.2980-1.3000 is clearly broken and has become a resistance. The best chance to break lower is this week and EUR used that, some 10 days ago i have told you that we have 10 days to break lower, some of you who read my forecasts every day will remember that. So the next target is 1.2850-60 where is the MA200 on Daily. Breaking below will be very bad for the EUR because it will open the way to 1.2700 which is the last support left. I think that MA200 will cap the further downside and my advice is to buy below 1.2900 with 50-60 pips stop for target around 1.3100. Today and tomorrow we have an EU leaders' summit also some important economic data.
GOLD was unable to break 1600 and returned to 1581 where is the support. You may try to enter LONG again as the gold is still in a correction mode to the upside.
SHORT EUR below 1.2980 SL 1.3010 TP 1.2930-1.2900-1.2890-1.2860
LONG above 1.2850 SL 1.2830 TP 1.2950-1.2980-1.3030
possible rebound from 1.2940 support to 1.2980 before next downside move
LONG GOLD above 1581 SL 1577 TP 1600-1615
SHORT GOLD below 1566 SL 1570 TP 1550 and below