After a sharp decline on Tuesday, the pair did find support 1.4620 which was mentioned in yesterdays post.  That bounce has taken the pair back to 1.4721 (at the time of writing).

The following is the daily analysis which covers the levels to watch for on November 4, 2009.

Bias continues to be down.  A drop below 1.4695 indicates a retest of recent lows at 1.4625.  Further support comes in at 1.4600.

While the bias is still down, in the event the pair rises above 1.4740 it is likely to hit resistance at 1.4770 followed by 1.4800 if needed.  Further resistance is at 1.4840.

There are major news announcements coming out of the US today which will likely make the day wide ranging and erratic at the time of the high impact announcements.

Cory Mitchell, CMT
Chief Market Strategist
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