Vladimir Mihaylov
Independent Analyst
After finding support at 1.3780 the EUR is targeting 1.3820-40 area and if we break it at the beginning of this week the EUR currency will try its luck at 1.3890-1.3910 again. Breaking above the last is less possible. However market players expect good news for the economic situation in the first quarter. Still noone sells EUR and the currecnt correction is just a partly profit taking. The EUR will remain bullish with chances of testing 1.3910 or even above 1.4000 as long as the price is above 1.3720-1.3670. This very wide support area is going to support the EUR at least for the next 10 days. Today's support is 1.3750 and today's resistance is 1.3860. Breaking of either will increase the pressure in the same direction. Today the Germany's PMI will be released and the expected values do not show surprises. If we have some worse than expected values the EUR is going to become under a downside pressure.
GOLD is still building a reliable support at 1320. Todyy's support here is close to 1306 and the resistance is 1350. We are currently in the middle of this range and it is not clear what direction the metal will choose. Indicators show a recovery to 1340is going to happen, so you may try LONG position as the price is above 1320. Below that you'd better exit LONG.
NZD still feels secure above 0.8520, however breaking lower of that will cause testing of 0.8440 and 0.8390. As the price is above 0.8520 you may try LONG here too but place tight stop below.
AUD makes high volatility this morning and proves 0.9050-60 is stable enough. The pair is bullish above 0.9050 and will target the price above 0.9100. Today's resistance is 0.9130 and support is at 0.9050.
JPY is loosing the battle with the dollar and progress to the upside is just a matter of time. The pair is LONG as we are above 102.10, target is 103.00, then 103.60. If the pair fails to break above once again, the price will look for support at 101.20.
GBP closed the last week below the Weekly support at 1.6540, now the final support is 1.6460, breaking below will lead to 1.6230. Daily resistance is 1.6570, below this the pair is bearish and you may enter SHORT around 1.6570. Exit SHORT above 1.6600.
For today:
LONG EUR above 1.3790 SL 1.3780 TP 1.3810-1.3830-1.3850-1.3885-1.3910
SHORT EUR below 1.3825 SL 1.3840 TP 1.3780-1.3750-1.3720-1.3700-1.3680
LONG GOLD above 1325 SL 1320 TP 1336-1342-1348-1354
SHORT GOLD below 1318 SL 1323 TP 1312-1306-1302
Good luck!
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