Euro Daily and 3-day patternFirst day of the month and Quarter and the Euro will continue down into October lows.
On Tuesday I would have liked to have seen Euro move up on into the 5-day 50% level and then continue down.
Wednesday:- Breakout of Tuesday lows and normally price will continue down, but if price is trading above the brown filter on Wednesday the bias is to move higher.
Higher could be simply remaining below Tuesday's lows and then continuing down:- 5-day 50% level resistance.
Note:- the expectation is the price is moving into the October lows, but it can still do it in two ways...
1. continue down this and next week into October lows
2. reverse up into October 50% level and then continue down later.
Therefore a move back into the 5-day 50% level could be part of a swinng back into the October 50% level later this week if Price doesn't get rejected down far enough, but moves into a consolidating pattern around the Weekly lows.
- All Daily forex reports are written before 9.00am Sydney Time, which is approximately 3 hours before Midnight GMT
