EUR dropped heavily yesterday and it reached my third target @ 1.3260 this morning. We are currently at the most important 1.3250 support area. Breaking below it will take us to 1.3170 and from there to 1.3110 and 1.3050. I have told you that the EUR price is overestimated, but some prefered to believe to mr.Draghi who said it is not. If you get the mr.Draghi's salary you will speak that way too :) We are now very close to be rejected from the negative Ichimoku on Monthly, and this will happen next month with target 1.2920. If that last is broken EUR will be doomed and will fall to 1.2000 maybe. Weekly chart shows that EUR is well protected around 1.2900 so i do not expect a fall to 1.2000.
Today there will be a lot of good economic data for the Eurozone, and this may support the price for some time, but any recovery will be used to open new SHORT positions. Target for today is 1.3170 and if broken 1.3110. Do not think about going LONG below 1.3380, if you go take your profit and run away.
On Daily currently we are at the neckline of something similar to H&S model, but is hasn't a good shape for now. So i expect a recovery to happen once we get to 1.3170 and the recovery to reach 1.3300 again. You may draw a diagonal support line starting on 25.07.2012 and passing through 16.11.2012 and will see that around 1.3200-1.3180 we have a good place to bounce to the upside. Let's see if that will confirm.
GOLD is damaged totally, and noone wants it even for beer cans. It dropped even below my expectations for yesterday. Too bad but next support is around 1535. Of course after so massive drop we may expect some recovery but is extremely difficult to tell you where to enter and where to exit as all indicators are heavily point to the downside.
SHORT EUR below 1.3275 SL 1.3290 TP 1.3200-1.3180-1.3110
LONG EUR above 1.3305 SL 1.3290 TP 1.3350
SHORT EUR below 1.3350 SL 1.3365 TP 1.3275-1.3200-1.3180-1.3110
SHORT GOLD below 1585 SL 1590 TP 1565-1535
Thank you for the great interest and good words, i hope most of you have made good pips with my forecasts, please do not copy and paste my entry and exit points in your trading platform, always remember that noone can predict moves of the market. Do your own analysis and use mine for reference only.