EUR/USD & GOLD forecast 27.02.2013
EUR performed a range trade yesterday as expected and because of uncertainty where to go the GOLD took the advantage of the situation to break the 1605 resistance and also reached my target. GOLD is not bullish now. This is only a correction move, so you can buy at the support close to 1600 and sell around 1620-1640. We have several resistances until we may say GOLD is bullish. First is 1625, then 1645, then 1668 and then 1694. On Daily close above the last GOLD will resume uptrend.
Now back to EUR - the pair trades calm this morning around 1.3040-50 support zone where it feels nice and comfortable. Another long legged doji yesterday signals that we are going to have a trend reversal. I have told you yesterday that we shall have two days of consolidation, one has alreday passed. Today i expect a consolidation also with bullish bias, and on Thursday and Friday i think the reversal will happen with target around 1.3250. This is what will happen according to my trading model, i do not promise you that it will happen like that, so use my forecast as a reference only. After upside retracement we shall have anough power to attack and break 1.3000. Please take a note that if for some reason we close above 1.3360 there is a chance to reach above 1.3400 and to restore the uptrend. If we break also 1.3000 we shall meet a good support @ 1.2950 which will bounce back the price above 1.3000.
For today:
LONG EUR above 1.3030 SL 1.3000 TP 1.3130-1.3180-1.3200
LONG EUR above 1.3010 SL 1.2990 TP 1.3130-1.3180-1.3200
SHORT EUR below 1.2950 SL 1.2965 TP 1.2900-1.2870
LONG GOLD above 1605 SL 1601 TP 1620-1630
LONG GOLD above 1590 SL 1585 TP 1610-1625
SHORT GOLD below 1575 SL 1582 TP 1555
Good luck!
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Comment by Syed Hafeez Ahmed Shah on February 27, 2013 at 6:37am -
I have entered for long eur/usd at 1.3080 ,hope market will go up.
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Comment by Georgi Vukov on February 27, 2013 at 6:56am -
Today are Italian BTP Auctions – 10s and 5s, so this is opportunity for markets to break 1.30. Shorts above 1.3080 with stops 1.3120 for target 1.2950 is my strategy for today. Good luck everybody.
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Comment by Vladimir Mihaylov on February 27, 2013 at 7:08am -
@Syed - why have you entered long at resistance, this is too risky, everybody is waiting for Italian auction, i expect EUR rally in short term then back to the downside again
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Comment by Gulam Hussain on February 27, 2013 at 7:35am -
Mr. Vladimir Sir, Your today's forecast suggest Eur rising to 3130, but in your response to Syed you state short at 3080. Will we reach 1st target 3130 today?
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Comment by Vladimir Mihaylov on February 27, 2013 at 7:42am
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i have said that 1.3080 is a resistance level and is not good place to enter long. you have to try to enter long at support level like 1.3030 or closer possible to it. I remain long for now and target is 1.3130 or somewhere around
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Comment by Konwerska on February 27, 2013 at 7:43am -
Thanks for the analysis and guidance. Now I'm waiting for the opportune time of entry.
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Comment by Syed Hafeez Ahmed Shah on February 27, 2013 at 8:36am
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Sir Vladimir ,you are absolutely right ,it is a mistake that is made by me,now market is on 1.3088,do you think now it will hit 1.3130?
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Comment by Franck Max on February 27, 2013 at 1:20pm
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mmm is 1.3130 TP for LONG still viable, for now?
There is a nice pin bar on the 1H chart and the next candle is bearish, though it is not yet closed.
Also, there is a USA 'red' (USD Durable Goods Orders (JAN)) news in 15mns..
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Comment by Franck Max on February 27, 2013 at 2:18pm
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wow.. nice 30 pips drops
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Comment by Ronald Mewengkang on February 27, 2013 at 2:42pm -
i took long for gold @1604, let us see where we are going from here :)
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