GOLD to fall towards 1150-1080
October 14, 2013
Gold and the H&S pattern
October 17, 2013

EURUSD has found support at 1,3480 and bounces upwards to test important resistance levels at 1,3570-90. We believe that resistance is very strong at this area and we should expect this pair to move downwards and test the 1,3515 support. Short term support is found at 1,3515 and 1,3480. Breaking below these levels we should expect a move towards 1,34 where the longer term trend channel is going to be tested.

eurusd6h

The longer term trend is up as long as prices trade above the green trend line. However the current price formation shows a consolidation between 1,35-36 and if support fails, then we should expect EURUSD to test the green trend line. In the shorter term, prices are reaching important resistance levels at 1,3570-90. Breaking below the short term upward sloping trend line, will push prices towards 1,35 support. If the red horizontal support line is broken then we should expect to see 1,34.

eurusd1h

 Concluding we favor short trades near the 1,3570-90 resistance levels with 1,3606 stop and if support fails at 1,35 we should expect a downward move towards 1,34 at least. For more help trading EURUSD and a view of my trades and detailed analysis, become  a subscriber.

As always, thank you for taking the time to catch up on my thinking.

Alexandros Yfantis
Alexandros Yfantis
Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.