This is going to be confirmed with Tuesday's lows and 5-day 50% level.
A bullish pattern will find support off Tuesday's lows and continue higher."
Yesterday's report
EURO daily and 3-day pattern
Euro continued higher and back towards Tuesday's highs and stalling once again.
The problem was that the EURO didn't drop a few more pips to test support to trade upwards.
That pattern off Tuesday's lows was my probability set-up.
For Wednesday there is no probability set-up other than re-acting to price action using Wednesday's highs.
Wednesday highs are view as resistance, as was the case with Monday's and Tuesday's highs, but because the 3-day filter is now matching price can also 'breakout':- (don't short trade above Wednesday's highs)
A reversal back down from Wednesday highs and back into the 5-day 50% level is viewed as a lower daily close with a random length :- 2-day stall and 3rd day sell-off can easily continue lower on Wednesday..
That basically means that a 3rd day sell is better to trade down, verify support is valid, and if bullish then trade longs from a lower daily open the next day.
If it breaks support, then price is moving into a lower Weekly close into Friday.
- All Daily forex reports are written before 9.00am Sydney Time, which is approximately 3 hours before Midnight GMT
