If the UP trend continues then it should find support around the Weekly 50% level and continue higher by Friday....
Note: Weekly cycle is a SELL, there has been a bias to Rise UPwards for the past 3-weeks. Because the cycle is a SELL, traders need to keep in mind that a 4th Week can reverse downwards.
This will be confirmed with a break of the 3-day lows and matching Weekly 50% level :- 4th Weekly lower close by Friday.
(Weekly Report 26th MAY 2008)
EUR/USD Weekly & Daily charts
Expectation this week was that the EUR would move into a counter-trend move back towards the Weekly 50% level.
This Weekly 50% level was the critical level on the direction of the EURO this week, because a failure on the 4th Week would push prices lower by Friday (unless news on Friday 'spikes' the Euro)
Friday is the last day of the month, and today's price action is going to define the early direction next month, because the June 50% level is going to direct trend for the next 4 weeks, along with the 5-day pattern.
EUR Daily and 5-day
Expectation was that price would push lower into Thursday's 5-day lows, if the EURO was going to continue higher then these levels would hold and then rotate upwards by Friday.
Thursday's 5-day lows didn't hold, and now the expectation is that a test of the 3-day high on Friday and expectation price is going to continue down.....
