1 Hour Chart Study: Downward channel formation with descending tops from 1.1310 to 1.0950. While descending bottoms formation are seen from 1.1110 to 1.0900. The Fibonacci Arc 50% retracement shows 1.1070 to be toppish and as a short-term resistance. If the market rebounds further, the 1.1130-1.1140 (Fibo 61.8%) remains to be tested and may be the next resistance and reversal point, as correction rebounds appear to be limited. The 1.1070 High from Friday Oct 30th may be the intraday resistance today. Monday, the high in early Europe is 1.1050 with the low 1.1000 trading in a narrow 50 pip range awaiting for the NY market. The U.S. ISM Mfg data is the next market focus.
Charts: WorldWideMarkets Alpha Trader