Market Morning Briefing
Morning Briefing : 31-Dec-2009 – 0332 GMT GOOD MORNING! EQUITIES The US equities ended flat. The Dow still stayed above 10500. Ideally a break above 10500 should have been very bullish. But the fact that the break was accompanied with very thin volumes owing to holiday season has not made the Dow very bullish until now. Going forward into the new year, we shall have to see whether this rise above 10500 turns out to be a false or a potent break. The Asian indices are trading mixed. The Nikkei
EURUSD formed a cycle top at 1.4457
EURUSD has formed a short term cycle top at 1.4457 level on 4-hour chart. Range trading between 1.4218 and 1.4457 is expected in a couple of days. As long as 1.4457 resistance holds, the price action from 1.4218 is treated as consolidation of downtrend from 1.5144 and one more fall towards 1.4100 is still possible after consolidation. However, a break above 1.4457 will indicate that the fall from 1.5144 has completed at 1.4218 already, then further rally could be seen to 1.4500 or even higher.