ES followed the expected scenario with short time frames indicating a slight upward bias (bullish congestion) stalling on Fib/MM resistance in the low to mid 1090s. There should be no major change of outlook today, except that selling pressure is decreasing a bit on longer D/W time frames. Congestion should continue in the same (4H) range. We anticipate a support level to be eventually tested (D/W) in the high 1070s, to then move higher again.
As indicated yesterday, TF had to test (unconvincingly) a resistance level in the 625 / 630 area. No mahor change today: The slight upward bias still present on (4H-) time frames is somewhat compensated by the lower selling pressure on longer (D/W) time frames. Congestion should continue for a while on (4H) and (D/W) time frames in their respective environment.
EURUSD stalled on 1.292 and lost a bit of ground as expected. We may see a bounce on (1H) time frame, but this is the same range bound environment on (4H+) with the same selling pressure to take the Euro back to near range lows and probably lower (Check for Twitter updates)
( Posted 7:50 AM UK )
