EUR/USD INTRADAY CHART
BIAS: We should see losses continue to around 1.0524-72
Resistance: 1.0655-60 1.0685 1.0710-15 1.0740-57
Support: 1.0630 1.0592-11 1.0563 1.0524-42
MAIN ANALYSIS: The downside extended further, but not to the precise targets I had expected, but for the moment we are getting closer to the end of this decline. While the 1.0555-60 area (max 1.0685) caps, we should see losses to 1.0592-11 for a correction of around 20-30 points and then down to 1.0542-63 and allow for 1.0524. Watch for bullish reversal indications for a modest correction higher.
COUNTER ANALYSIS: A direct break above 1.0685 would retest the 1.0710-15 resistance - and any breach would risk a move back to the 1.0740-57 area - even 1.0780. Take care there and observe momentum - whether this is bullish or bearish.
MEDIUM TERM ANALYSIS:
9th November: Following the NFP, we should see losses to the 1.0600 area at least and could even reach the 1.0520-50 area. This should trigger a correction although the depth is a bit unknown and that will be the next challenge.