EUR is still in a free fall, more slide to come

EUR continues free fall and indicators on H4, Daily and Weekly are extremely bearish. Seems that still noone is going to take profit from Short, and this tells me that more slide is to come. Today mr.Draghi will speak, but tomorrow will be the PMI data release and if it is weak again EUR will possibly drop below 1.2805 support. On Wednesday we shall have the Germany's IFO which is expected to be worse than previous too. On Thursday the most important news will be the US jobless claims report and Durable goods orders. Finally on Friday again important data from the US and it is expected to support the dollar gains further. So nothing good can be said for the EUR this week. Main trend remains extremely bearish.

GOLD is bearish below 1215,next resistance comes at 1219-1221. Only above that the recovery may continue to 1232. Reversal may appear only above 1336 but i do not see for now any signs for this. It is quite possible to drop below 1200 and to test 1184 support again.

NZD still hopes that 0.8140 support will hold and is trying to recover to the upside, but the dollar pressure is too heavy. We have the 0.8260 resistance to the upside which will stop any recovery. But before that we shall meet the 0.8190 and if broken the recovery may continue to 0.8260. If the price drops below 0.8105 sell again.

AUD is far below the Weekly Senkous Span A price as the weekly cloud has rejected the price. There will be no recovery until the price is below 0.9000. Here the situation is much alike EUR/USD. For now we are extremely bearish here however the smaller frames show some signs of recovery.

JPY started the day with some profit taking which moved the pprice back below 109.00. H1 indicators show the pair is in a consolidation. It is quite possible this consolidation to end with another upside wave as still there are no signs of major profit taking and no correction lower on the horizon. The pair is extremely bullish here. On Monthly we are far above the Monthly SMA200 at 106.50, and month end is near so be careful in the next 10 days. Prepare to take your profit here.

GBP is safe after Great Britain is again Great :), who thinks that the Queen will let these people to form their own country on that island. I think that these elections were not fair enough and the british secret services have done perfectly their job, congratulations! But let's go back to the techical side - on Weekly the price is inside a huge cloud and is very likely to remein inside for the next 4-5 weeks. However range trade has a too wide range between 1.6000 and 1.6500. First resistance to watch is 1.3670, if broken the price will continue to 1.6405 and finally to 1.6470-90 where it will touch the H4 SMA200 resistance. Further recovery only on a clear break of 1.6500. To the downside we have the 1.6270 support and below the price will test the 1.6205. If it is broken the price's target will be set to 1.6000 main support.

RUB for now holds the dollar power and the question is for how long. In fact i don't know but my indicators show that the pair is ready for another push higher. We have the 38.80 resistance to break first. The pair is well supported by the 38.10 and above that we are bullish. Next support is at 37.85.

For today:

LONG EUR above 1.2900 SL 1.2890 TP 1.2920-1.2990-1.3030

SHORT EUR below 1.2890 SL 1.2900 TP 1.2830-1.2805-1.2785-1.2755

LONG GOLD above 1213 SL 1210 TP 1218-1224-1228-1323

SHORT GOLD below 1210 SL 1213 TP 1202-1196-1190-1186

Good luck!