EURUSD heading towards 1.4040 / Gold may hit 1380 & then 1458 Short term
EURUSD has broken the 61.81 per cent Fib retracement levels of 1.3896(the 61.8% of 1.5145 to 1.1876)and looks heading towards 1.4040 the 100 per cent extn as shown on the above technical chart.
EURO trades in the overbought zone and USD in oversold areas, any euro-negative news may trigger a selling but as of now we do not see any bearish or topping formation. The market is in a clear up trend and has to reach the above said targets.
We had a buy at 1.2680 which touched our first targets of 1.33 and the next target was 1.39 which also got met today. As of now those holding long must trail stops at 1.3800 supports.
Intraday Trade - Buy on dips near 1.3800 stop 1.3770 target 1.3930
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Gold on the monthly charts gave a good breakout on the head and shoulder pattern and continued higher until $1320 resistance which also got broken and as of now it looks to test the 100 per cent Fib retracement levels of $1458 in the medium term as shown on the above monthly chart.
Those who hold on toour previous buy recommendations which were at 980 and then at $1200 later at $1280 shall trail stops at $1300 areas and can lock their gains.
Trading call - Buy on dips near 1330/1320 stops below 1305 target 1375/1380
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EURUSD heading towards 1.4040 / Gold may hit 1380 & then 1458 Short term
By: CapitalTA