Last week EUR recorded a new low at 1.1754 and that was the fourth week in a row with a negative close. Weekly and Daily indicators are bearish, but the H4 ones show some signs of correction. Today we do not have any important economic data and the market calmed down after the stormy beginning of the year. Now everybody is waiting for Greece's elections on 25th of January. until then EUR will remain under a continuous downside pressure and any recovery will be limited. Currently the Daily upside limit is the level 1.2000, followed by two weekly limits at 1.2045 and 1.2175. EUR desperately needs a correction higher and we are too far from the negative Ichimoku cloud on Daily and weekly, so i do not expect any attempt even to reach these clouds. EUR is consolidating and is waiting for the US data on Thursday and Friday, when it may become again under higher downside pressure.

GOLD continues the upside jump as expected, and it opened the week with a small gap higher. The bullish target here is 1248-1254, and the weekly resistance is at 1265. Breaking above is less possible, but not impossible. However i do not expect to have a successful first time attempt, because the weekly resistance is pretty strong and combines several resistance levels inside. The price may bonce back and start a new downside wave.

NZD is trying to break the Daily negative cloud and a thin area, however the first daily resistance is very close at 0.7900 and support is at 0.7800. Currently we are in the middle, but the outlook here seems bullish above 0.7835.

AUD recovered powerfully on Friday and today the recovery continues. The pair has reached the first daily resistance at 0.8250 and the next one is far above at 0.8360, so the pair has enough space to progress to the upside. Before progressig to the second Daily resistance we have to deal with the H4 resistance level of 0.8285. Break above that on H4 will be a signal for bullish continuation.

JPY is currently at the Daily support at 118.20 and is testing it. The pair may reach 117.10 within this testing, but it will change nothing if the price succeeds to return quickly back above 118.20-30. Daily close below 117.00 will enter the positive Daily cloud and the price will be locked inside for several days.

GBP has made some recovery on Friday too and is currently above the H4 support 1.5150. It is good to know that below 1.5110 the downside move will be restored and you should exit LONG positions. The bullish recovery is going to continue as long as the price is above 1.5150. The situation here seems similar to the EUR/USD pair. Daily resistance is 1.5330 and this will be the Daily target for the days ahead.

RUB is going to test the 59.70 Daily support. The pair will remain bullish even if the price drops to 58.85, this last remembers easy. So above it we are bullish, and below it the downside correction will extend to 54.50-55.00. Current Daily indicators are bearish, but the H4 and smaller ones show some bullish interests. Remember the levels above and trade using them as reference.

For today:

LONG EUR above 1.1850 SL 1.1840 TP 1.1885-1.1920-1.1955-1.1995

SHORT EUR below 1.1800 SL 1.1810 TP 1.1755-1.1725-1.1700

LONG GOLD above 1224 SL 1221 TP 1232-1238-1246-1251-1255

SHORT GOLD below 1208 SL 1211 TP 1192-1186-1178-1169

Good luck!

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