Gold – Gold surged higher after price rejected its 1248.50–1240.00 support area as we expected in our 10th March 2016 Market Outlook. Traders who went long as we recommended may consider taking partial profits at previous swing high (around 1279.00 price level) while leaving the rest position to run further as price is likely going to continue to move higher in the coming days and the key resistance level is not found until 1308.00.
Euro Pound – EUR/GBP rally higher after price rejected its 0.7695 support level as we expected in our 4th March 2016 Market Outlook. Traders who went long as we recommended may consider continue holding onto the long position as price is likely going to rally higher into its 0.7925 resistance level in the near term. Traders may have the first target set at 0.7925 resistance level as price could potential pullback a little after it hit the 0.7925 resistance level before continue to rally higher.
Euro Loonie – EUR/CAD pullback into its 1.5120–1.5010 resistance area yesterday which traders may hunt for potential short setup as the overall trend is still bearish at the moment. Ideally we would prefer to see price rejects the 1.5120–1.5010 resistance area before shorting for a safer entry. Traders may also zoom into the lower time frame to fine tune the entry point for a greater risk:reward.
Posted on 2016-03-11 06:30:43