EURUSD: Flip your coin, place your bets

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TECHNICAL ANALYSIS:

EURUSD: Flip your coin, place your bets

With data from both Eurozone and US tonight we can safely assume volatility on EURUSD. The question is whether or not we can establish a directional move.

My bias is to the downside because the drop from the bearish channel was done with such vigour. As long as we remain below the 1.264-5 resistance zone then I would prefer to seek bearish setups to target the weekly lows (and possible extension down to 1.25).

However a convincing break above 1.264 warns if a much deeper correction against the preceding bearish moves, with a target around 1.298-70

COPPER: On to Plan B

We didn't see the new high created, instead Copper crashed through it's own bullish trendline to generate a sell-bias.

Price has already retested the broken trendline, so the plan is to sell into any weakness below 3.06 to target 3.02.

BRENT: Potential Bearish Wedge below resistance

Yesterday's Dark Cloud cover may mark the tip of a Bearish Wedge. It is a pity we are about the go into the weekend as this is an ideal price action setup to consider on D1 (but hesitating to enter just before a 2-day break).

However we can use D1 to help with trades on intraday timeframes. For example seek bearish setups if we break below yesterday's low.

GOLD: Below $1204 targets $1191

Whilst $1200 is supposed to be a psychological round number I have to admit it hasn't been much of a pivotal area upon this visit, with peice oscillating around it.

H4 is suggesting a potential Double Bottom in the making, which could target the upper end of the $1205-7 resistance zone. If this zone holds as resistance then I would prefer to take the short side to target $1191.

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