I think the same pattern is going to play out, but I don't think US time will kick higher based on price trading below the Weekly 50% level.
A continuation down would be towards Monday's lows, and moving towards the Weekly lows on Tuesday."
28th July 2008
EURO Daily and 3-day pattern
EURO completed the move down into the Weekly lows on Tuesday, but on Tuesday's open the probability pattern wasn't as robust compared to the Aussie dollar's sell-off.
The intra-day price action on the Euro had to be confirmed with a break below the 5-day 50% level, whereas in the Aussie it was easily traded from the 3-day filter.
Wednesday:- Well the entire Weekly probability pattern has played out and I don't have a view for the rest of this week until the end of Friday.
Therefore trade the levels:- Wednesday Support and 5-day 50% level resistance using the intra-day brown filter as confirming patterns
- All Daily forex reports are written before 9.00am Sydney Time, which is approximately 3 hours before Midnight GMT
