Gold price has reached as high as $1,311 and is now pulling back towards $1,300. Short-term trend remains bullish as long as price is above $1,300 and inside the bullish short-term channel. Gold price is likely to move downwards to $1,250-60, and a break below $1,300 would increase the chances of this scenario coming true.

The EUR/USD pair has made another leg up and made local high at the level of 1.1304 which is just below the technical resistance zone located between the levels of 1.1316 - 1.1325. The move up has ended with a Shooting Star candlestick pattern, so the first indication of a possible trend change has been issued. Now the traders have to wait for the market to break through the trend line support and the bears will be in control of the market again. The longer-term trend remains down and the market should reverse and follow the main trend soon.

EURUSD: bulls keeping the rate at the trend line

Previous:
On Friday the 8th of March, trading on the euro closed up. The euro rose against the dollar throughout all the day’s trading sessions. After the release of mixed US jobs data, this rise gathered pace to reach 1.1246.

Gold price made a slight new lower low yesterday and bounced $10. Gold price as said in previous posts is about to end the bearish move from $1,346 and make a bounce as a back test towards $1,300.

EURUSD: markets awaiting Mario Draghi’s press conference

Previous:
On Thursday the 7th of March, trading on the euro closed 1 pip down. The day’s candlestick had a range of 39 pips. The drop to 1.1285 was brought about by rumours that the ECB is set to downgrade the Eurozone’s economic growth and inflation forecasts at today’s meeting and to start issuing new loans.