Tuesday, August 25, 2009

Market Update - Aug 25th '09

ES stalled on the resistance level around 1032 as anticipated, then retraced slightly to the minor 16% Fib level (~1020). Further erosion is possible but should only be visible in intraday time frames. Longer time frames are also losing steam but remain marginally bullish.

We do note Fib levels around 1013 then 1000 again.

Same story for TF, with Fib levels around 571 and 561 (minor Fib at 577), and here again, current erosion is nothing but normal and should not turn into a sizable retracement either.

EURUSD: No change in outlook just yet. We are watching for a bounce on 1.426 to 1.428 to aim back at range highs around 1.44 (mid term). If our support breaks, we'll review our position to probably go short for a 1.398 then 1.369 targets.

( posted 6:50 AM UK )

NB: there will be no post on Friday