We also need to factor in that prices could reverse back down into the monthly 50% level.
Next Week:- Weekly 50% level support once again, and 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.
The 5-day 50% level next week will be of importance for any continuation down"
Previous Weekly Report
EURO Weekly and Daily charts
Last Week played out precisely:- Monday's Weekly 50% level supported the market rising up into Tuesday's highs (3-day highs), followed by a larger DOWN trending day back into the Monthly 50% level...
Euro 3-day filter
This week started with the UP move from the Weekly 50% level and breaking Monday's highs , as part of the expectation of a test and 'sell' pattern on Tuesday....
Once Tuesday's lows broke, then the rest of the week was defined by the 5-day 50% level on the way down.
Next Week:- 5-day sideways pattern, but the Weekly 50% level and the 3-day high pattern can provide a further push down next week towards the Weekly lows.
But will probably swing back up from the Weekly lows, as the Monthly 50% level will provide major support until the end of the month.
