Friday, January 30, 2009

Market update - Jan 30th '09

EURUSD: As expected, US$ is firming up and even broke support level. We're now going to 1.282, with possible volatility as this market is quite oversold. Next target will be 1.2695

ER: Pivot level didn't hold, and ER started retracing in almost a straight line to Fib PR1 (~455). There is still some selling pressure even if support is likely to be found on a nearby Fib level, either 450 or 445.

ES: Easier to read, ES reversed exactly on strong resistance level and retraced clearly to a combined MM/Fib level. We might see some uncertainty in the short term, even if the market is likely to try and push higher later in the day. Again, no substantial recovery before next week.

( posted 5:10 AM UK )