EUR progressed to the upside yesterday but the move stopped ahead of 1.3120 and the price returned below 1.3100 then entered in a stand-by mode. Currently the pair is vulnerable to a sudden drop to 1.3060 and to 1.3030-40 later today and this will be the expected false Ichimoku breakout about i have talked yesterday. Use any drop to 1.3030 to enter LONG at a better price, because in some 48-56 h from the time of writing i expect the upside to be renewed with target above 1.3200. Please note that this may happen even earlier, because the market will consume the possible unchanged rate by the ECB in advance. If we have a rate cut an alternative scenario will take place - supports to break are 1.2950 and 1.2860 below the second the pair will enter in a free fall mode maybe to 1.2600.

If we have a break above 1.3150-60 the upside may extend to 1.3230, however in 10 days i expect a drop to 1.3000 once again no matter how far up we shall go this week, so it will be a good idea to SHORT ahead of 1.3250-1.3300.

GOLD recovery has been stopped by 1470-75 resistance level. It is quite possible to test the support at 1450 once again if broken we may drop to 1420 but if it holds further recovery is expected. If we have a daily close above 1475 recovery may extend to 1530.

For today:

LONG EUR above 1.3075 SL 1.3060 TP 1.3130-1.3170-1.3200

SHORT EUR below 1.3150 SL 1.3165 TP 1.3090-1.3060 (decide on your own here as we are in upside move now)

LONG GOLD above 1450 SL 1446 TP 1470-75 - 1500-1520

SHORT GOLD below 1444 SL 1450 TP 1420 and below

Good luck!

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Comment by Honey Bhai on April 30, 2013 at 9:10am

LONG EU SL HITS............ NOW BACK TO 1.3080 :(

Comment by Honey Bhai on April 30, 2013 at 9:15am

GOLD H4 TO TEST 1474 AND THEN WILL START FALL TOWARDS 1434 reasons:

Tenkan-Sen and Kijun-Sen intersected below Kumo Cloud and formed “Golden Cross” (1); Tenkan-Sen is directed upwards, other lines are horizontal. Ichimoku Cloud is going up (2), Chinkou Lagging Span is above the chart, and the price is on Tenkan-Sen. Short‑term forecast: we can expect support of Senkou Span B, resistance of Tenkan-Sen, and the price to fall down...

lets See How Things Shape UP

Comment by Honey Bhai on April 30, 2013 at 9:22am

@daologic yes u r right but its matter of LUCK............ and its part of trade........ some times u get saved by 1 pip to hit SL and yes it happened to me many times.......

Comment by Honey Bhai on April 30, 2013 at 12:11pm

AND SO GOLD STARTED TO FALL AFTER 1474

Comment by Vladimir Mihaylov on April 30, 2013 at 3:43pm

Today LONG EUR 20 pips SL was hit at first but if re-entered the market you have made some 100 good pips, so total you have +80 pips i think this is very good :) i think the market is already consuming the FOMC and ECB rate decisions, so it is quite possible at the end of the week to have a huge drop. Keep this in mind

Comment by Vladimir Mihaylov on April 30, 2013 at 5:44pm

Thanks Peter, tomorrow is a holiday and most of the markets will remain closed except the US, so if there is any volatility it will be during the american session. 

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