EURO/STG
Fri, Nov 6 2009, 09:21 GMT
by Carol Harmer
EURO/STG
Eur/Stg looks good from the short term charts, and this should trade higher... Good support at 8945 should limit the declines. Buyers should be in at these lower levels and use 8930 as a stop point.
8986/91 remains short term resistance. If however we can clear this level today, under market conditions this should be able to come quite a way higher with 9036 your first target. Buyers should cover to here. Sellers may appear, but they will not hold if this breaks above 9040. A break above here keeps the pressure to the topside and sees 9057 to 9072 the short term objective.
If we cannot hold over 8930 look for dips to 8911 where the market stopped before. A move lower to here creates a double bottom, and should hold the downside and propel this higher.
