Mid-week quick update

ER2: behaving as expected, testing of strong resistance came early after long weekend. Same outlook now with possible congestion/volatility in the upper part of the [734-750] range. Ultimately ER2 will try and hit the resistance again, but we are seeing now a "air pocket" formation hence a stall with prices to a stronger support level. Again, prices generally stay in clear "altitude levels" where an equilibrium is found. In this case, we'll keep in mind that there is a stronger base at the bottom of the [688-734] range. This is however only background info for the time being, which we will review in more details next week.

ES: Same "air pocket" interpretation, with here again a stronger base or support much needed. No worry over the long term but profits can certainly be locked in the meantime.

EURUSD: Now that 1.46484 is broken, we are looking at 1.44043 then 1.43587 as our next targets. Our calculated stall level came only 2 ticks away from yesterday's low! It can still slow down the fall today. Yet, it seems we won't see a significant bounce before we hit our first or 2nd target. Although charts have been very easy to read so far, i am certainly personally amazed by the resilience of the US$, which we can attribute to fall in commodities prices. Net creditors of US debt are smiling again after a period of uncertainty.

Good trading to all and see you on the weekend for the weekly update...