EURO/STG
Thu, Oct 29 2009, 07:41 GMT
by Carol Harmer
EURO/STG
Eur/Stg has a little double base at 8953, however there is no other indication as yet that the market is turning, especially as it is holding below the longer term 61.8 Fib level.
Whilst below 9000 the pressure will remain to the downside. As stated there is this little base at 8953 and if this support breaks then you should see this come lower for 8937. Here sellers will be looking to cover. Buyers may well be around at these lower levels. However they will not hold if the market breaks. A break of this support keeps the downside bias intact and sees this come lower for 8894.
If back above 9000 then it eases immediate downside threat and sees this come higher for 9068/72. Cover to here. Re-instate above 9079 for 9094.
