Wednesday, September 15, 2010

Market Report for Sep 15th 2010 | Foretrade Market Snapshot

Short report again today:
TF indeed reached low 650s as anticipated and is now congesting in high 640s. (2H-) are indeed showing signs of stalling while (4H) indicates some residual energy to go test mid 650s again. (D) has now dissipated all bearish inclinations, so should also aim at 656, or even back to daily range highs (July). No change in the weekly outlook which despite the latest signs of optimism still points for continued bearish congestion, which will certainly be confirmed if daily range highs (~670) do indeed resist.
EURUSD favoured the more aggressive ones yesterday as we had a conservative targer around 1.294 which did not in the least stop buyers' appetite. The price point (or even 1.29) may have to be tested for support today, yet it is likely that we will see the USD lose further ground by the end of the week. The more Euro-bullish could even aim towards 1.31 next week. We do not share such optimism though yet at this point in time. at least until a firmer support is confirmed to let buyers charge ahead again.

( Posted 5:45 AM UK )
On account of meetings / traveling, there will be no Twitter updated today. Back to normal tomorrow Thursday 16th