This week was weird. Initially, both EU and GU did what they were “supposed to” and that was going down until mid week. I expected a bounce there, which only came for GU…EU kept struggling between 1810-50, mainly because the NY guys were fighting with every London’s upmove. But now with ECB and US inflation numbers behind us and bulls still protecting 1800, next week might turn things around. I wouldn’t buy GU at this point, even though when EU goes up, GU will most likely go up, too. But it might be at a different “speed”. GU is limited by a very strong resistance around 3900, it can’t break upwards for quite some time now. And it might still struggle early in the week, so I prefer a long on EG, which should go towards 8570-80, at least. Once pound bulls break 3900, its going to be a bull party and that should help EU bulls to break their biggest enemy, the 1900 level. These levels will be important to break, if bulls want to turn this around and start a new uptrend. EU bulls now have a tougher job, since they are at 1810, so we need to take it step by step…on the hourly chart, my target is 1850, on the H4 chart its 1890…and beyond that…lets see. But this coming week the magic might happen.
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