Tuesday, September 14, 2010

Market Report for Sep 14th 2010 | Foretrade Market Snapshot


Short report on TF and EURUSD on account of traveling:

The market got a bit of a boost over the weekend with a bit of follow-through yesterday, testing the key 625-628 area again to now test a relatively minor Fib level. It indeed passed our 640 target to high 640s and should now aim for daily range highs. We however still have no indication of a recovery on (D+/W) time frames, so it is likely to remain range bound on the daily chart. The weekly chart shows less of a bearish congestion tone to now almost neutral. (4H-) is however bullish so the low to mid 650s should be reached today where a stall is anticipated.
EURUSD broke the 1.279 resistance and is also bullish short term. It should therefore reach low 1.29s (4H+) where major resistance is expected. A breakout is always possible even though it is not visible yet. The market is now more accepting the recent lows than actually giving us higher target. The more aggressive buyers will place a target around 1.296 for now, but a stall on low 1.29s is to be expected first.

( Posted 6:30 AM UK)
No Twitter updates today on account of meetings.