EUR is trying to form a support zone around 1.2700 which for now is still pretty unstable. The price is fighting with the top border of the downside channel and late yesterday was made an unsuccessful attempt to break it. As long the price is above 1.2700-10 EUR is able to do a rally to 1.2800-40. If we have a H4 bar closed below 1.2700 enter short for 1.2650-1.2620. From now on a Daily close below 1.2660 will mean a fall to 1.2400 at least. We are now inside a positive Ichimoku on Daily and is too early to break it so despite we are very close to 1.2660 i think the price will go up in the following days. Heavy resistance zone will be 1.2786-1.2810, so if we reach it and you have a profit - just take it and run. I do not think we shall be able to break 1.2810 till the end of this week. More likely is a sideways trade between 1.2660 and 1.2780. So buy at the low and sell at the top, if you make a 30 pips profit take it and run. Moves is either direction are changing several times through the day and the same thing is repeating for several days, as the bears are in control and bulls are waiting.

GOLD still wonders what to do. We have built a support line starting from 1697 since 24.10.2012 until today, we may draw also a parallel resistance line starting since 13.09.2012 @ 1773, of course it is too early to look at this as an upside channel, but it's interesting to have this in mind for the future.

For today:

LONG EUR above 1.2715 SL 1.2695 TP 1.2785-1.2805

SHORT EUR below 1.2695 SL 1.2715 TP 1.2650-1.2620

LONG GOLD above 1720 SL 1714 TP 1736-40

SHORT GOLD - we need a confirmation and that will be a daily close below 1710

Good luck!

Views: 1233

Comment by gladwin dsouza on November 15, 2012 at 8:52am

I like your anlaysis very easy to understand now the current price is @ 1.2745 GMT 08:53 so do u think the market is likely to go atleast 1.2775, because y'stry market has touched the level of 1.2775. Do u this it will re test again....

Comment by NACHAR AHMED SUMON on November 15, 2012 at 10:43am
Comment by Vladimir Mihaylov on November 15, 2012 at 11:55am

Thank you, but it's good to remember that i can also make a mistake,and always place stops. I think today we may even test 1.2800, but then te price will reverse back to 1.2730-20 and from there a new upside may develop - time frame for that is 1-2 days. If 1.2700 fails to hold a new downmove will take us to 1.2605


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