After kissing my first target today following the recent breakdown on the daily time frame (first chart below) EUR/USD now looks poised for a relatively minor bounce on a break above the 1.177ish level before a resumption of the downtrend, as the 60-minute chart (2nd below) indicates.
Not coincidentally, gold futures look poised for a pop up towards the 1300 area on a break above this 60-minute bullish falling wedge, confirmed with positive divergences. Due to my expectation for more downside in the Euro/upside in the US Dollar after a brief counter-trend rally, my expectation is that any bounce soon in gold is likely to be relatively minor in scope & duration, although it may provide for a quick long-side trade for active traders. Buy signal for gold to come on a breakout above the 60-minute downtrend line in /GC as well as a breakout above 1.177 in EUR/USD. 60-minute chart of /GC (gold futures):