by Bruno Voisin on March 11, 2010
ES is hesitant our current highs, and therefore finds it more to reach our target in the high 1140s. The daily chart certainly looks quite buillish still, but we have to acknowledge this is a strong resistance on the weekly chart. We’ll therefore watch intraday time frames in case 1125 has to be used for support to go higher.
TF stalled very close to our 679 MM/Fib target and could therefore take a breather here. We have no reason to believe in any sort of major retracement just yet, but 671-672 (maybe 665?) should now hold as a support to allow TF to reach 679 and then 686.
EURUSD passed 1.361 to aim straight at 1.367 again, where it stalled again. We may be getting closer to an upside breakout to 1.387 now, and probably stay in the same 1.361-1.367 trading range in the meantime.
( Posted 5 AM UK )
by Bruno Voisin on March 10, 2010
ES keeps on creeping higher. The daily chart is still way too bullish to allow for any retracement, but intraday volatility is increasing, so shorter time frames engage us to be cautious. Our new immediate target is 1149, and depending on ES behaviour there, we will validate a 1167 target on the daily chart.
TF always provides another angle when ES charts do not provide a clear enough picture. TF actually led the current move to its resistance level, at the same time pushing ES higher than its own resistance. 672 initiated some selling which could hit 665 on account of current volatility. However here again the daily chart is very bullish still, so TF should try and break 672 then hit 679, maybe 686 within a few days.
EURUSD stalled on the key 1.367 level to retrace to 1.354 as expected. The Euro bounced there to stall again in the mid point of this new 1.354-1.367 range, i.e. 1.361
While remaining largely congested in higher time frames, we may see the Euro hover in the same range, or maybe break unconvincingly to the upper half i.e. 1.361-1.367. Time plays in favour of exhausting sellers, but until then we have to watch our support levels carefully…
( Posted 5:40 AM UK )
