Sell Eur/Usd

[Iris]

The Reco Post on 10/23<>11/3...on Future> Price Action.

10/23

The Weekly Frame is at overbought divergence/momemtum levels...with majority Net Positions looking South...see 1.1550/00 being the South move....initially. The 10/17 1.1548 low sets good downside positioning....looking for a decline from 1.1800/10 to the 1.1660/70 basis...with a test/break of 1.1550/00 for further declines to 1.1425/50.

11/3

With the current Low at 11/3>1.1426.......the 1.1660/00 basis appears to be capped for a resistance High.....North retrace Targets at 1.1600/1.1550 with ensuing breaks South to 1.1400/1.1375 for next decline leg to 1.1300/10.

The South Move from 1.1810<>1.1377 current Low...with North Move to 1.1543 to close at 1.1533. Looking for High Percentile South Entries in the1.1550/75<> 1.1600/22 basis...On the Open 11/9 market may move to a test of the 1.1600 basis. If a break of North 1.1660...then 1.1755 to follow...tho unlikely.

Move South may begin from the Open.....next leg South 1.1400<>1.1375....to 1.1300/10.

Iris

[Iris]

Eur/Usd....................

Nice backfill off of Fridays 11/7 Range on the Hourly at
...1.1377<>1.1543...0.5 Fib at 1.1450.... took the bounce North.

The 1.1500/50 basis has been a strong pivot point North and South. Looking in the 1.1500/50<>1.1610 window for South Entries to 1.1400/1.1375 initialy. Based on Time/Price Action 1.1500/50 looks Apex for South.

Next Leg South Positioning.

Iris

[Iris]

Eur/Usd..................

Market has returned to break its Hourly 0.5 Fib from 10/24<>11/7 1.1855<>1.1377 at 1.1560 basis...momentum/velocity North for a continuation with a test/break of 1.1660.. looking for the 1.1610/25 basis to cap for the resumption of the elevator South.

Looking at the 1.1550<>1.1610 basis for South Entries.....with a 1.1400 initial Target. The 1.1350 level next structural leg to determine a potential fall to 1.1100..A core Price pivot has been in the 1.1300<>1.1500 area for 2003...the nucleus of Buy/Sell Price Action from a continuation/decline perspective.

Iris

[Iris]

Sell Eur/Usd...................

Sell Eur/Usd.......1.1630.......Stop @ 1.1705

Target 1.1400

[Iris]

Sell Eur/Usd..................

Sell Eur/Usd.......1.1645.......Stop @ 1.1720

Target 1.1400

[forex1]

Iris

The retrace north was a bit higher than expected, almost to 78.6% from a daily perspective. Is it your opinion that this was indeed just a strong correction and that the trend south is still likely to resume now? You do mention 1.1725/50 as potential cap for now, in James' thread?

Thanks!

[Iris]

Forex1...............

Correction was strong....I saw 1.1660 as ceiling...Market chose 1.1737 current....as you posted almost 78.6%. Still see South with a Move to the 1.1500/50..with further declines to 1.1400<>1.1375. Looking to enter South again in the 1.1700/25 area. Markets going to reverse quickly.

Prior positions stopped out.
Right back at it.

Iris

[Iris]

Sell Eur/Usd.....................

Sell Eur/Usd.......1.1715.......Stop @ 1.1785

Target Open