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 )
