Like any good pattern, a UP move should hopefully begin from a lower Daily open and rising upwards.
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..."
Yesterday's Report
EUR Daily and 3-day pattern
EURO along with all major spreads against the USD rose higher on Tuesday and back towards the 3-day highs, which was the pattern I was looking for.
However Tuesday failed to rise and 'hook' above those higher timeframe 50% levels, instead stalling, therefore it's a bit early to make a clear judgement on whether the EURO continues higher this week.
EURO 3-day filter
Longs on the break of the filter on Tuesday confirmed the UP move, but Wednesday is simply going to be defined by the same filter and 5-day 50% level.
There is no probability pattern on Wednesday, except defining the trend either side of those levels, because of the failure to close above the higher timeframe 50% levels Wednesday has an each way bet.
But whilst price is trading above that level, then the 5-day Weekly trend remains bullish......
- All Daily forex reports are written before 9.00am Sydney Time, which is approximately 3 hours before Midnight GMT
