EUR GU recap (when good candles fail) + 5 Oct

Recap 4 Oct - Short term up bias for EUR did follow through. The evening star pattern at W R1 failing to go lower was an intra day sign of potential to move up. When good candles/patterns fail that's an immediate warning sign. GU also moved up to expected levels but failed then to go lower. EUR did play out as expected, GU did not. With our view to follow 1hr flow this would allow GU buys on the intra day higher low.

NFP today, so anything can happen.

EUR - We are at the strong resistance level from Feb-Apr 2012 again. The reaction to this level is the important thing. There has been no reaction in Asian session. D up, 4hr now on higher high higher low flow. Bias up.

GU - Engulfing pos close, we are at the W pivot and a general support level from 19 Sep 1.6180. This could provide resistance. GU can move back the D pivot 1.6151 on NFP day, my bias is up so would expect that to continue after the news is released.