Market update - Feb 5th '09

EURUSD has been hovering above 1.282 and selling pressure seems to be dissipating a little now. This is typical of a congestion on such a strong support level. There could be some acceleration once support is broken. We still have the same target as per previous reports.

ER:
If we look at a good pivot point where prices could rise again, it could certainly be around yesterday's close (~444). Should it be lower, (and we have to acknowledge we're still in 'failed recovery' mode which could resume into full bearish mode) the ultimate test level remains 437 which was tested a few days ago.
We'll therefore watch current levels carefully. Our favoured scenario is still cautiously bullish.

ES: Same story at first sight, although the picture is slighly bleaker.
The ultimate test level here is 812. Here again caution must be exercised.


( posted 8:30 AM UK )
NOTE: tomorrow's post will be delayed until 1PM UK)