Market update - Jan 20h '09

Public holiday yesterday, so volumes were obviously a lot lower. Here is a quick report anyway even if one should technically discard yesterday's price actions.

EURUSD: We're now right at the bottom of the trading range (actually 1.294 on tick charts), and we have now to see whether it will breakout from here. Fro the time being, the support should hold but the selling pressure is still quite substantial. We may reach mid 1.20s later on this week (upon breakout of course).

ER: we're following the same "failed recovery" scenario as explained over the last few market reports. We just have to wait for a support to be found where prices will pick up again. 437 seems to be that support level. Short intraday time frames give us more accurate Fib retracement levels from 437 to recent high near 470, from which prices will rise again.

ES: I mentioned on last report that we had a 50-50 scenario but 844 didnt hold so we follow the mildly bearish route, probably back to support level in the low 810s. It is likely to bounce back from there, or a little higher so we'll check for intraday Fibs here too.