ES behaved as anticipated yesterday, testing 1313 for support then engaging in a reasonable ascent to 1321. ES is indeed pushing a little above the strong resistance level probably in an attempt to align with TF. This may be temporary within an acceptable stretch on (D/W) charts. We cannot ignore that we are otherwise still in reversal territory on the weekly chart. For the time being, the bullish pressure is present on all time frames so we will assume the next target is 1324 unless TF turns around of course.
TF is indeed spot on our resistance again and pushing all the way to (D) with (W) also pointing towards possibly reversing. We can anticipate a good fight here, and even a possible breakout. Volatility should in any case pick up substantially over the next couple of days.
EURUSD here again tested the 1.365 – 1.367 area as suggested, and now seems more hesitant (bullish congestion). It is not clear whether the Euro will pick up enough energy to break that resistance or mid-range pivot level to be exact. One would favour a drift back to (2H-) bearish congestion (south of pivot level) for the time being although a (2H+) breakout cannot be totally discarded…
T-Bond Fut.(US): Back to support on low 117s and definitely looking south still. Breaking it will drag US down to mid 116s (2H/4H) and even lower (D+).
( Posted 6:45 AM UK ) – Twitter updates on EURUSD today
You must log in to post a comment.