September Eurodollar is bouncing off resistance at 98830 but the market's come back off support. There's a definite tug-o-war at the resistance level as the bulls and bears fight it out. There's an FOMC meeting tomorrow which will have an effect on the market but at these levels it really could go either way.
Given the recent rally we could see a decline back to 97730 (or lower) but the FOMC announcement could be enough to break the resistance area and push to new highs as well.
The trend is up, so that's my immediate preference; however I don't have as much confidence in this position as I normally do.
Erich