EUR has dropped futher yesterday reaching two of three my SHORT targets. For now seems that 1.3160 has stopped the free fall and the pair enters in some profit taking mode which pulls back the price above 1.3200. However the recovery won't happen in one day. For today first the price will go to 1.3230 and then it may try to break the 1.3250 resistance. Only on clear break of 1.3250 we may go to 1.3320 and from there to start a new wave down. My advice is to enter SHORT as close as possible to 1.3300 for 1.3050 in the next two weeks. Because the target is 250 pips below you should allow some 60-70 pips against you. But for some of you this may be too risky to enter like this. I think the top @ 1.3718 has been made and there won't be any other test of that level. On Weekly close below 1.3100 it's only a matter of time to get to 1.2940 and 1.2880. If these two are broken we may even go to 1.2700. I may disappoint some of you but there will be no further drop below 1.2700. For this month the bottom level will be 1.3080. Drop may continue in the beginning of March if we close February below 1.3100.

GOLD is pulling back also and will face resistance around 1585-1590. There will be recovery only on Daily close above this resistance area and mostly above 1600, the recovery may extend to 1630. Remember that curently downside pressure is very strong and all indicators point downside with no signs of correction.

For today:

LONG EUR on H4 closed bar above 1.3210 SL 1.3190 TP 1.3250-60-80-1.3310

SHORT EUR below 1.3165 SL 1.3185 TP 1.3110-1.3090

LONG GOLD above 1590 SL 1584 TP 1600-1610-1625

SHORT GOLD below 1575 SL 1580 TP 1550

Good luck!

P.S. Some of you are asking me how to determine so exact levels of entry and exit. In Forex trading the experience is most important, i have nearly 8 years of experience, so beginners need a lot of praktice and time. Sometimes you need luck also to enter or exit at the best point.

Views: 1567

Tags: EUR, GOLD, USD

Comment by Deepthi Samaranayake on February 22, 2013 at 6:28am

Dear Mr. Vladimir, Thank you so much for your comments on EUR/USD

Comment by Alexander B. on February 22, 2013 at 6:36am

Do you think it might touch 1.3200 in next few hours, or from the current point it will go higher?

What is your opinion on it?

Благодарю

Comment by Kevin Henry Ostermey on February 22, 2013 at 6:56am

Dear Vladimir, I have been trading as per your recommendations now for 6 weeks and made some very good profits. Once again many thanks for sharing these trades with this forum! You are a real asset to  Forexstreet.net. Keep up the good work! Kind regards, Kevin

Comment by Konwerska on February 22, 2013 at 7:19am

Thank you for your analysis of the market, thanks to you and your experience, we can learn a lot.

Comment by Umut Esmer on February 22, 2013 at 8:50am

I think 1.27 got us all intrigued. I suspect 1.20-1.22 for the year; however, is your 1.27 recommendation for Q1?

Comment by Gulam Hussain on February 22, 2013 at 10:07am

Mr. Mihaylov Sir,
1st Target 3240 reached (3245) is that all? is it going to head south now? Wud appreciate your input

Comment by bibhu dash on February 22, 2013 at 1:21pm

thank you so..........much. for your forecast. 

Comment by Jacob Rasmussen on February 22, 2013 at 6:05pm

Thank you for you forecast sir Mihaylov

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