EUR has dropped yesterday to 1.2918 ahead of 23.6 fibo retracement from 1.2042 to 1.3172, and then stabilized around 1.2950 value. In early Asia EUR found some buyers and progressed some 30-40 pips currently trading @ 1.2995. I'm expecting to reach 1.3020-30 resistance area. This maybe broken if the price stays there for 4 hours and we may go to 1.3090. Then you should be very careful, because there will be 2 opportunities - first to make a lower top, and second to test 1.3120 and then 1.3170 and then 1.33 - it will depend on fundamental factors mostly. But this will be the next week. I doubt today as it is the last trading day of the week to break 1.3090.

Most possible scenario will be test of 1.3030 with a false break higher and then return to around 1.3010-1.3020.

GOLD descended also because of the dollar rally, but ended the day near 1770 as forecasted, high level consolidation is still in place, break higher will follow. We are bullish above 1752. Stop below that. First target 1788, second 1800, then a continuous wide range consolidation will follow.

For today LONG EUR above 1.2960 SL 1.2940 TP 1.3030 1.3080

alternative SHORT EUR below 1.2935 SL 1.2965 TP 1.2880 1.2850

LONG GOLD above 1765 SL 1762 TP 1785 

Good luck!

Views: 503

Comment by Vladimir Mihaylov on September 21, 2012 at 8:51am

first target reached

Comment by Deb Roy on September 21, 2012 at 9:18am

Hi Vladimir,

I was following your posts quite closely and amazed with your analysis. I really wonder what is your basis of the analysis? It will be good if you could share that with us. I know that it takes years of experience to develop that skill but still...

Comment by Vladimir Mihaylov on September 21, 2012 at 11:27am

nothing special, just studying carefully the charts with the help of MA, fibo levels, some support and resistance lines and Ichimoku clouds, also the most important is 6 years experience :) there is no an exact strategy, i'm making daily forecasts in the middle asian, sometimes my forecasts cover completely the day, sometimes the can be completely wrong, but i'm trying to follow the market the best i can and to share with you, thank you for the support!

Beisdes secondary fail of breaking 1.3090 resulted in a lower top, combined with the end of the week lead to massive EUR sell off, quick rise this morning was inspired by hopes that Spain will ask help, but as this still not happen, market is very very disappointed, we can even go to 1.29 today. But do not risk too much, if you have profit take it and run away till next week

Comment by Vladimir Mihaylov on September 21, 2012 at 2:14pm

GOLD has reached the target, a big 'tennis day' today


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