Wednesday, November 12, 2008

Quick sands...

Tuesday was a down day as expected. EURUSD broke the support level to settle on the next support just above 1.25 which should hold today. A bounce would likely be contained below 1.26

ER: I mentioned yesterday that ER would try and find support somewhere above 482. There we are now and even if we could see some reprieve today or even a minor bounce, 500 has now been tested again as resistance and we could actually go lower in the next few days. Indicators however indicate more a drifting situation than an outright fall, so this support (or the next one) can hold.

ES: Same situation with a support level aroun 890. A short term bounce is possible but here again, the drifting continues...