Thursday, August 20, 2009

Market Update - Aug 20th '09

ES is back on the 1000 level after bouncing on trading range lows.
While this is a very strong resistance combined to Fib PR2 on the 60mins chart, the chances of range breakout are substantial.
One should not put the "cart before the bull" though. We note that the weekly chart offers a breakout level around 1015.

Note on EURUSD: rangy with a possible pivot down if 1.426 resists. Retracement would however be relatively limited (higher time frame)

( posted 6:30 AM UK )