Vladimir Mihaylov
Independent Analyst
EUR has broken 1.3720 support and currently is trading mostly below it, and also we have the Senkou Span B price of the positive Daily Ichimoku at 1.3720, so this level is going to transform as a strong resistance soon. As i have said yesterday the next important level is 1.3670, and breaking of that will lead to test 1.3560, however i do not think any drop below that final level. Today's economic data is not in favor of the EUR, but the currency will try to stay above 1.3700 for today,and on Thursday and Friday it will have chances to recover back to 1.3800 again. We are already counting the days to the EUR drop below 1.3700. We had 8 months of continuous EUR upside and this month seems to be one who will destroy the bullish wave.
GOLD is still trading in extremely narrow range around 1292 with some quick tests of the support area 1270-1280. I cannot say where the price is going as we are in a consolidation for several days. Usually such consolidations end up higher but i am not absolutely sure about that,better stay away for some days here.
NZD bounced from the support at 0.8630 and is trying to reach the resistance 0.8686, final push will be to 0.8710, but i don't think the pair has enough power for this today. If we close the day above 0.8640 the upside will continue.
AUD also jumped higher and it reached already the resistance 0.9400. The pair is bullish above 0.9365, it is not good to enter short as all indicators are bullish. But if you are still outside the market maybe you have missed the prefect moment to enter LONG so better wait for another moment.
JPY has locked the dollar between 102.00 and 102.30 and the pair is vulnerable to another downside move as long as the price is below 102.30 so be careful here when trading LONG.
GBP has lost the 1.6850 level and now battles to take it back, however the resistance zone 1.6850-60 is strong and we need some positive news from the UK today to break it again. Upside will be fully restoread once above 1.6900, but i do not see this to happen soon. Below 1.6850 the indicators will turn to the downside again.
For today:
SHORT EUR below 1.3720 SL 1.3730 TP 1.3690-1.3670-1.3640
LONG EUR above 1.3730 SL 1.3720 TP 1.3770-1.3790-1.3810
LONG GOLD above 1309 SL 1305 TP 1318-1326
SHORT GOLD below 1274 SL 1278 TP 1260-1252
Good luck!
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