EUR has reached my first long target and almost second one as the economic data from Germany was better than forecasted. Currently EUR is trading close to minor resistance @ 1.3415-20, there are two more important resistances either of which will stop further upside this week. First is 1.3455 and second is 1.3485. In fact on Daily we can clearly see that a H&S model is developing with neckline 1.3260. Breaking of that support will allow the pair to drop at least 100 pips down and maybe more to 1.3050 for example. I do not see test of 1.3700 again as one member commented yesterday, this is too far optimistic. The EUR price is very overestimated and the situation in the eurozone is not as described as mr.Draghi. I am expecting a drop first to 1.3130 and then to 1.2940 in the following 4-5 weeks. Use the prices above 1.3400 to open a medium term SHORT positions with target at least 1.3000.
Today also a plenty of economic data both from Europe and USA, so with EUR close to resistance we may expect a dollar recovery if market is disappointed with releases from Germany and France.
Gold is trying to stay above 1600 but it's like to keep stable on the ice. If 1590 is lost the metal will drop at least 50 USD more. Recovery only above 1617.
same as yesterday as the awful consolidation continues
SHORT EUR below 1.3450 SL 1.3465 TP 1.3360-1.3310-1.3260
LONG EUR above 1.3505 SL 1.3485 TP 1.3610
LONG GOLD above 1617 SL 1613 TP 1636-1645
SHORT GOLD below 1600 SL1604 TP 1688 (better not trade this for now, quick reversals are possible)