Market update - Jan 23rd '09

EURUSD:
We're in the exact same situation as yesterday, with that 1.294 level holding on a a last string. If it holds another day or two like that, it may shoot up again. However sellers may just give it a go again. For the time being, we're still short with tight stops, but we can also try trading faster tick charts waiting for this pivot to break or bounce.

ER:
Despite the penetration we've seen earlier, the 437 pivot level is still valid. As mentioned yesterday, no visible change in dynamics and range trading between 437 and 467 can only now derail because of this triangle pattern announcing some forthcoming breakout. A more solid support level could actually be found a little lower in the mid 420s to trigger substantial buying. We need a few days to see this materializing though.

ES:
Again, similar scenario with level on 812 here. A lot of negative pressure still so whichever long pattern can only take time to form. We here stay short with tighter stops (daily chart of course).

( posted 7.40 AM UK - screenshots available on request )