Above the Weekly 50% level and also the 5-day 50% level, then traders should keep in mind that re-test of the Weekly highs is still a probability.
if price is going to continue down, then I would like to see a rejection and sell-off pattern from the 3-day highs, and a large trending down day closing below the Weekly 50% level..."
Weekly Report
Euro Daily and 3-day pattern
Euro rising up from the Weekly 50% level and moving into the 5-day 50% level and 3-day highs.
Normal price action around the 5-day 50% level is to push the Euro down 41 pips during euro trading hours.
If there is going to be a breakout UP towards the Weekly highs this week, it's going to have follow through during the US trading hours.
Bearish pattern is a sell off from the 5-day 50% level during the Euro hours and trading below the Weekly 50% level during US trading hours.
Weekly 50% level is the trend guide
- All Daily forex reports are written before 9.00am Sydney Time, which is approximately 3 hours before Midnight GMT
