The calm before the calm

Hi
After the big move yesterday  the market behaved largely as we predicted, with the move down hel up by the over extension and no rally following.

Context
More bad news from Spain and questions about Greeces ability to meet its austerity targets kept pressure on the Euro yesterday. All eyes will now be on the US election race and the market is likely to sit quietly until we gte an indication of success.. Any Poll suggesting a Romney victory could see a further push down for EUR/USD.

Technical Analysis;  The pivots remain in bearish order and down looks the most likely direction now DP has come down to meet price.

The Day Ahead –   Really this is a day to watch. We have had a move and are consolidating before a big event and the market is likely to be ranging, or choppy. I will ofer some entries but doubt I will trade at this point.
Bias- Bearish, but cautious

 NO TRADE:
BEST Short entry; I like a short entry down to 1.2762 and weekly S1, but can’t see the entrance.
 BEST Long Entry;  I would need  to see aggressive buying and then a pullback to support, and a good price action confirmation.

Other Entries;
 RED NEWS Today
8:15am EUR
Spanish Services PMI
If you have any questions you can submit them here or email me at paul@paulbotterill.com

All the best
PBT