Last week I posted a big demand zone on EU above 1700 and on GU between 3750-3800, both demand zones were hit and produced a nice bounce of almost 100 pips. For next week and beyond I am staying bullish on EU, but a little less on GU, since EG can spike up anytime now, which would mean that euro bulls will be stronger than pound bulls, so I will stick with buying EU and EG. When it comes to EU, the week closed below 1800, spiked through previous small resistance of 1750-60, which could turn into a support area now. So thats where I would look to add more longs next week, if bears manage to re-visit the area early next week. GU closed at 3870 and should re-visit 3830 or less next week…I can see even 3800 re-visited, so EG could finally spike towards 8550 or higher, as bulls managed to close the week above 8500, after struggling to break above 8480 all week.
The most interresting pair this week, which helped EU and GU bears early in the week, was GOLD. Right after the week started, there was a big flash crash on gold for almost 1000 pips and it was before Tokyo even, so during very low liquidity. This was a big stop loss hunt and many big boys probably used it to enter long positions. All week after that gold was recovering and while retail kept selling it, it just kept going up and it might be only starting. So I would be very careful with selling, as this week’s move might easily take gold above 1900 or even 2000 again. The first hurdle will be 1800 and then we have a big resistance at 1830, BUT the flash crash this week might help with that area next time we are there. I can imagine all retail world to go short at 1830 big, which might push the price above and beyond. Lets see…
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