Market Update - Aug 27th '09

As mentioned yesterday, the current stall on 1032 may tire buyers after a while. We are still in the same tight range (support ~1024), so yesterday's post is still valid.
Again, while a drop (breakout) is possible around 1024, at this point in time we have no indication from higher time frames that prices would go lower than the Fib level (~1013).

TF also seems locked in a narrow congestion range, but shows more resilience still. Having said that, there is a strong resistance ahead, this hesitation could end up with some retracement in the next few days to a week (573, then 562).

EURUSD: support on 1.422 should hold, but the bounce looks limited. In the longer term, we must note that if EURUSD does not pass 1.434 (first: 1.428), buyers may also give up here and retracement to 1.418 (or lower) could then be envisaged.

( posted 6:20 AM UK )

NB: a bit of traveling ahead, so will try and post while connecting at the airport tomorrow morning.