EUR/USD & GOLD forecast 06.02.2013
EUR extended correction to 1.3460, however the support area 1.3450-60 capped the further downside and some buyers appeared and helped the price to bounce some 120 pips up. The pair now consolidates ahead of the ECB meeting on Thursday, mr.Draghi's speech and US jobless claims report. Maybe today the trade will be quiet and locked between 1.3530 and 1.3610. Break of the either will mean continuing in the same direction. No surprises from the ECB expected, so the interest rate will be left unchanged and with some good words for the EUR from mr.Draghi we may look for a new top. If not, then watch for a double top on Weekly which may be the beginning of the bearish reversal with target 1.3300 and below. 1.3740-50 is a serious resistance zone and i doubt it will be broken this month.
GOLD has failed again to overtake 1690 and this is bad, a fail to close the day above 1680 will mean another drop on Thursday.
For today:
LONG EUR above 1.3530 SL 1.3520 TP 1.3610 and above
SHORT EUR below 1.3500 SL 1.3515 TP 1.3450-1.3400
LONG GOLD above 1670 SL 1667 TP 1685-1690-1695
SHORT GOLD below 1660 SL 1665 TP 1645-1635
Good luck!
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Comment by Amjad Siddiqui on February 6, 2013 at 8:52am -
Vladimir plz check gold H4 graph. making a triangle.. is it ascending, decending or symtrical? where the price can go give an idea thanks
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Comment by Vladimir Mihaylov on February 6, 2013 at 6:09pm -
Yes we have a triangle formation on Daily too, it's pretty difficult to say where it will go, seems that 1690 is a strong resistance, but once we have a Daily close above 1695 i can say we are going above 1700. On the other side if we have a greater interest on EUR another drop to 1650 may follow.
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Comment by Vladimir Mihaylov on February 6, 2013 at 6:13pm
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EUR remains close to 1.3500 area facing the Ichimoku on H4 frame, i expect a recovery above 1.3600 tomorrow, support area is 1.3440-50 if that is broken then the pair will drop another 100 pips.
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