EUR consolidates at the weekly and montly highs, it is overbought and desperately needs a correction, but noone wants to sell. More and more investors are realizing the situation and the long needed correction will be a fact maybe within hours. I'm not giving you a signal to close all your LONGs, but to be very carefill. As i've told you the bullish train have reached the maximum speed and the only thing to stop it is the end of the railway. Spain maybe will ask for a solid financial help very soon, and this may cause a massive EUR sell which to draw the EUR down to 1.2850. Yesterday the US data was far worse than expected, and that prevented the EUR from dropping, even it has made another push higher and made a double top formation on H4. Asia session is preforming a bearish bias at the time of writing with the price hovering around 1.3100. Immediate and important support is 1.3080, dropping below will confirm the double top and will bring us to 1.3010-20 area which is even more important. Dropping below 1.3000 will open the way to another 80-90 pips down and even to 1.2850. On the upside a few targets left - first is the 1.3170 resistance which 2 times has stopped the EUR and if broken it will bring us 100 pips up and there we shall encounter the downside border of weekly Ichimoku negative cloud that will cause a significant correction of about 300 pips.
We are in the upside trend do not forget that, so my advice is to buy EUR around 1.3010 with 30 pips SL and target above 1.3170. If SL is triggered enter LONG again, but not below 1.2990. If below 1.2990 enter LONG around 1.2920 again with 30 pips SL. Use any drop to enter LONG. There will be another round of dollar weakness after the correction ends.
Meanwhile yesterday GOLD has started its correction move and has lost almost 20 USD of yesterday's top price. If EUR enters a correction GOLD will drop even further. For today i'm not expecting to drop below 1730, so if it reaches the last mentioned price region try to enter LONG with 5-8 USD SL, if triggered, enter again LONG below. On longer term i'm expecting GOLD to reach 2000 by christmas. Do not allow SL for more than 7-8 USD of your entry price.