Next week expectation prices are moving higher, but the pattern I would look for is a push up on Monday and then hopefully reverse back down into the 5-day 50% level...."
Weekly Report....
EUR Daily and 3-day pattern
Monday reversed down and back into the 3-day lows, which puts price back under the Weekly and Monthly 50% level.
The bullish pattern this week based on trading above those higher timeframe 50% levels is now open to Risk of failing, but a bounce off the 3-day lows (Monday) and move back above those 50% level on Tuesday will set-up higher prices into the end of the Week.
Like any good pattern, a UP move should hopefully begin from a lower Daily open and rising upwards...
Euro 3-day filter
I was looking for a push up on Monday and then a reversal back down into the 5-day 50% level from Friday.
Except the Euro didn't push up higher enough, missing the move down.
Tuesday's trading is simply going to be defined by the 3-day filter and 5-day 50% level, above those levels and the pattern we should be looking for is a move back towards the 3-day highs.
Note:- bearish pattern is a move up into Monday's 50% level into 1.5579, which matches the higher timeframe 50% levels (Weekly and monthly), and then price rejects back down breaking the 3-day filter support.
- All Daily forex reports are written before 9.00am Sydney Time, which is approximately 3 hours before Midnight GMT
