Expectation that the Euro was reversing back down into the 5-day 50% level, and will continue down into the 5-day 50% level on Thursday.After being attracted to the brown filter early on Wednesday, price then reversed down from 11pm highs and continued down.
Thursday:- Because early this week the EURO hadn't tested the Weekly 50% level, there is an expectation that price can be pushing down into this level this week.
Thursday's 5-day 50% level is random support, which could attract some buying, but I would think it's going to be short lived and could continue down into Thursday's 3-day lows.
Yesterday I was trading spiral swings, but as you can see the price action wasn't aligned until around 11pm with a spiral filter, which matched price being attracted to the brown filter, providing a high probability trade down for the next 4 hours.
Thursday:- 5-day 50% level is the trend guide, and keep an eye on 4 hour patterns and spiral filters
- All Daily forex reports are written before 9.00am Sydney Time, which is approximately 3 hours before Midnight GMT
