Mon, Apr 27 2009, 12:54 GMT
by Carol Harmer
Buyers saw opportunities and tried to push this higher through to 98.62. They failed and the market only reached 98.60 before falling back lower to 98.55 before closing up at the highs.
There is still the 98.62 resistance to overcome before buyers would re-instate longs. You would also have the sellers to contend with at this area with a tug of war then in place. Buyers winning sees the market trade higher with 98.65/66 their immediate targeted area. Profit taking and fresh sellers will be at these higher levels. Only above 98.66 would the buyers win.
So 98.60/62 holds. Sellers will then see this lower with 98.50 their ultimate short term goal.
Euribor turned around after sellers failed to force this through 98.595. Buyers were swift to react and hauled the market thro9ugh 98.635 for 98.645, closing on these higher levels. Now resistance is at 98.665. If the buyers can make a break above here look for98.695.
Now if after this higher close there is no follow through on the topside and 98.665 holds look once more for the lows of 98.595. Sellers would be short covering to here, and buyers will be out looking to defend.
If 98.595 is lost however look once more for the 98. 515/50 support. Buyers will be out in force at these levels and buyers will only wobble if below 98.50.
Published on Mon, Apr 27 2009, 12:59 GMT
Charmer Charts.com
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