Chances for a fresh EUR high are fading

EUR moved in a small range yesterday as forecasted, it hit my first LONG EUR target but was unable to break above 1.3900. Then the price reversed to the downside but around 1.3860 buyers appear and the price went back to 1.3870-80 where closed the day. Another Daily close above 1.3870, but will this be enough to see a new break through 1.3900 or a fresh high? I think the EUR is too overestimated, and the high EUR price will affect badly the economy in the Eurozone in future. Maybe it is time for the long waited correction lower to begin. The signal will be breaking of 1.3850 and turning it from support to resistance. First target will be around 1.3810 and then 1.3780. Breaking below the last for today is less possible. Of course more significant EUR drop is limited by the solid support area around 1.3700. Bulls will use that in the next 2 weeks to make another push to 1.3900. To destroy the upside possibility completely we need a Weekly close below 1.3640 and i do not see this to happen right now.

GOLD has built a support line at 1338 and is going to try another attempt higher at least to 1354 and on a high impulse it may reach 1361-65-75.We are bullish here above 1338. The main support is at 1318-22, and 1290 is the reversal point. Below that it will target 1251 and 1200. If the metal is not able to break through 1251 and to close above, this will result in another test of 1337-1338 and it is quite possible to continue to 1322.

NZD is happy with the new found support at 0.8450 and goes to the upside again, however it needs H4 close above 0.8490 to continue to 0.8520 and above to 0.8540. If 0.8450 is broken then the pair will look for support around 0.8400, breaking below 0.8400 is not likely for today.

AUD also has found support at 0.9000 but is heavily pressed by the Senkou Span B price of the Daily Ichimoku at 0.9050. We need to deal with that first and to close the day above to continue upside move. Loosing 0.9000 may take the price quickly to 0.8930.

JPY consolidates at the resistance 103.30. The pair is supported by 103.10 and 102.50 support levels, breaking below the second one will target 101.00 and below. To the upside next target is 104.00-104.35

GBP lost hopes for another progress above 1.6770 and the price quickly dropped to 1.6630. Downside here is expected to continue and if the EUR/USD starts to make a correction lower, GBP will follow target here is 1.6540.

For today:

SHORT EUR below 1.3880 SL 1.3895 TP 1.3850-1.3820-1.3805-1.3780

LONG EUR above 1.3895 SL 1.3870 TP 1.3915-1.3925-1.3940

SHORT EUR below 1.3950 SL 1.3970 TP 1.3880-1.3820-1.3780

LONG EUR above 1.3750 SL 1.3735 TP 1.3780-1.3820-1.3860

LONG GOLD above 1338 SL 1334 TP 1351-1358-1362

SHORT GOLD below 1354 SL 1358 TP 1340-1330-1322-1318

Good luck!