This is continuation of my previous idea which was with same strategy but neutral position. Now will take long position, today increasing it and 1.15 will be a turning point. If we'll brake it then even 1.04 might be a target in a long term.
I give us 70% for that current support at 1.15 will last.
30% that we are going way down. We all will have to pivot really quick like long term trend will do.
EURUSD is still highly corelated with XAUUSD in these local moves. Falling of EURUSD will slowdown effective fall of gold price. But breaking 1.15 might also led us to change of direction at gold which would set us with a new local low suggesting that 2,5 year long uptrend is still valid. Geopolitics are suggesting also that gold should be on a rise in a long term, but at least for week or two it should be falling still. More details in my latest idea about XAUUSD.
I give us 70% for that current support at 1.15 will last.
30% that we are going way down. We all will have to pivot really quick like long term trend will do.
EURUSD is still highly corelated with XAUUSD in these local moves. Falling of EURUSD will slowdown effective fall of gold price. But breaking 1.15 might also led us to change of direction at gold which would set us with a new local low suggesting that 2,5 year long uptrend is still valid. Geopolitics are suggesting also that gold should be on a rise in a long term, but at least for week or two it should be falling still. More details in my latest idea about XAUUSD.
