Market Update - Dec 31st '09

Same situation today with a return to 1125 on light trading volumes. I guess we'll have to wait for another week to see some action coming back to the markets. The 1125 resistance level should act as a stall level rather than a breakout one today on this short dull day.
We can maybe get some cues from TF which tested 625 for support yesterday as anticipated, and could now creep to 632 then possibly to the high 630s. Note that TF may break out next week or early Jan and erase the retracement scenario we've seen on longer time frames. We won't jump to conclusions before we see an average 120000+ contracts traded daily.
EURUSD bouncing nicely on short time frames. We would like to see 1.4404 tested for support to aim at the recent highs or possibly (although unlikely still) to high 1.45s. The overall trend is still quite bearish so congestion is to be expected at daily level between lows and abovementioned highs.
That's all for this year.
I hope you've appreciated these daily reports. In January, we are going to offer a unique online forex daily signal service which should blow quite a few minds... More news next week, and in the meantime, I would like to wish you all a very very Happy New Year :)

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