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 )
