Wednesday, January 14, 2009

Market update - Jan 14th '09

Quick connection from the airport...

EURUSD: 1.318 should hold (C&H pattern) but we'll remain cautius still. This corresponds to 1.325 and 1.33 levels on higher time frames, so we believe current levels stand a good chance to hold.

ER: similar situation whereby 468 / 470 should hold and bounce in the short term. However the probability of breaking support is a lot higher. One may want to stay short, or re-enter short on breakout.

ES: same pattern with a possible short term bounce. However support looks very weak, and here too, one could be tempted to go short if 875 doesn't hold.

A connection to catch... so more details tomorrow... :)