European Forex Professional Weekly 2010-03-04 - Page 3

Sentinel · (#21 (**permalink**))

Quote:

Originally Posted by Sive Morten

Hi, Sentinel,
I'll look at it tomorrow and post my view on Gold. But on EUR/USD situation very tricky.

Is it? or not?

1) EURUSD can't even breach the first confluence level, 1.3680-1.3720.
2) Weekly & Monthly DEMA are bearish.
3) No oversold.
4) Eurozone in high debt crisis.
5) NFP and some other latest data are in favor of USD.

I know that you will say "the things are not so simple". Maybe it is. :-)

Sive Morten · (#22 (**permalink**))

You're right, but there are some hidden moments.
NFP was good but why market didn't show down move continuation?
Why EUR/USD has jumped to higher trading range - 1.3530-1.3700?
Today will be new weekly research,I've talked there about this.

In general, I expect continuation of down move, but short-time retracement still possible. I think that BIG Guy holds 1.34-1.3450 support.

Sentinel · (#23 (**permalink**))

Do you think that a daily close today below the daily confluence level shows a direction?

Sive Morten · (#24 (**permalink**))

Well, my thoughts are as follows:
Daily Gold has reached Agreement at COP and 0.618 of thrust bar. Then it shows thrust move down. Market has reached weekly Confluence support.
Trend is down, no oversold.
Weekly target - 1077 Agreement area.

Yes, I think that may be you're right about closing below confluence. But watch out of W&R.

One thing that worries me a bit - market didn't reach any meaningful level on up move - it has stopped in the middle and reverse back...

But I'm aside on Gold now.