Wednesday, October 19, 2005


Here is an updated hourly chart showing pit and electronic trading in the December eurocurrency.

I still think the market will make it into the 117.50 to 118.50 range before beginning a strong rally. The July 8 low in the September contract was 119.00 so this morning's rally from the 119.14 level reflects the buying that usually shows up in the vicinity of old lows. 121.80 remains resistance and strength above there would mean that the market is headed back to 124.

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