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EURUSD broke below 1.3499 support and reached as low as 1.3386. Further decline would likely be seen in next several days, and next target would be at 1.3200 area. Resistance is at 1.3600, only break above this level could indicate that a cycle bottom has been formed at 1.3386 on 4-hour chart, and lengthier consolidation of downtrend from 1.4548 is underway, then further rally could be seen to 1.3800 zone.



Daily Forex Forecast

Welcome to the FXReturn.com London Forex Market Call for September 23rd.,2011. GBP/USD: Closes near the lows of the session as the market extends its losses from earlier this week as the fundamental outlook in Europe deteriorates. The next downside objective is the Fibonacci 161.8% extension level at 1.5290. A recovery, however, of the low that was posted on 9/21 which resides at 1.5447 will spark a short lived rally up to the Fibonacci 1.0 extension level at 1.5605. The Timing Oscillator is recognizing a negative form and momentum continues to build to the short side indicating more downside price activity is on the horizon | GOLD: Down nearly 2.2% in New York trading and spent most of the session below the 50 day average which resides at ...

The price of gold has also been twisted by Bernanke and doesn’t seem to show signs of recovery. It’s not only the absence of QE3 that is driving the price down. Here are 5 reasons why gold is going down long term.

In addition to fundamentals, also the technicals point lower. Gold price has lost uptrend support but still has room for falls until it reaches critical support at the gap line.

Read the rest of the article [B][I][URL="http://www.forexcrunch.com/gold-glitter-gone-5-reasons-for-gold-bugs-to-hide/"]Gold Glitter Gone – 5 Reasons for Gold Bugs to Hide[/URL][/I][/B]

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