ES passed our target to stall a little higher around 1115, and could unconvincingly try and hit 1117 to 1119 today (very strong resistance on 1125). We still have longer time frames weighing a bit, so we must remain quite cautious here.
TF broke more decisively to 641, but like ES, we have to be careful about a possible pullback in this resistance area. Having said that, we’ll still go with the flow (i.e. upward) using intraday time frames for the time being. In case buyers take the lead today, we may see 641 tested for support, and then aim for 650. A pullback (not visible just yet) would on the contrary find support on 633.
EURUSD stalled on 1.367 on Friday, and this had a predictable effect to send prices down to low to mid 1.34s.
1.342 to 1.344 remains very strong support area going forward. If broken, the Euro would lose quite a bit of ground. Having said that, we may just stay in the same bearish congestion mode, bounce to 1.367 again etc…
( Posted a little late, sorry… 9:30 UK )
