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By Kristian Kerr, Sr. Currency Strategist 03 December 2013 13:00 GMT 
Charts Created using Marketscope – Prepared by Kristian Kerr EUR/USD traded to its highest level since late October on Friday before encountering resistance just ahead of the 61.8% retracement of the October/November decline at 1.3625 Our near-term trend bias is positive on the Euro while over 1.3430 A push through 1.3625 is needed to force another leg higher An important cycle turn window is seen around the second half of the week Only a daily close below the 6th square root relationship of the year’s low at 1.3430 would turn us negative on the rate EUR/USD Strategy: Don’t like buying Euros this close to the cycle turn window. Price & Time Analysis: GOLD 
Charts Created using Marketscope – Prepared by Kristian Kerr XAU/USD finally broke away from the 5th square root relationship of the August high at 1242 on Monday as the metal traded to its lowest level in five months Our near-term trend bias is lower in Gold while below 1286 The 1st square root relationship of the year’s low at 1214 is key support ahead of 1180 Some caution is recommended here as a Gann cycle turn window is in effect today Only a daily close over 1286 would turn us positive on XAU/USD XAU/USD Strategy: Like being square for a few days. Focus Chart of the Day: USD/JPY 
The Daily Sentiment Index (DSI) in the Yen reached just 7% bulls on Friday. The market is very confident that USD/JPY is headed higher in the near-term. We now have our doubts. When sentiment gets so lopsided it is usually a strong sign that a market has begun to get a little ahead of itself (at least in the short-term). Additionally several short-term cyclical methodologies suggest Monday was the right time for at least a minor peak that could lead to a few days of corrective behavior. The 103.00 to 103.70 area is also full of several key resistance levels including the 161.8% extension of the Sep/Oct decline, the year’s high and a Gann angle line related to the 2007 high - all of which are important enough in their own right to inspire some sort of counter-trend reaction. Of course the counter argument to all this is that exchange rate is breaking out of a multi-month consolidation (i.e. has a lot of “stored energy”) and corrections will be limited and few and far between. We now prefer a buy into weakness strategy, but a clear move through 103.70 would change this. To receive other reports from this author via e-mail, sign up toKristian’s e-mail distribution list via this link. --- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com This publication attempts to further explore the concept that mass movements of human psychology, as represented by the financial markets, are subject to the mathematical laws of nature and through the use of various geometric, arithmetic, statistical and cyclical techniques a better understanding of markets and their corresponding movements can be achieved To contact Kristian, e-mail kkerr@fxcm.com. Follow me on Twitter @KKerrFX DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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