AUD Weekly and 5-day pattern
Based on Monday's price action I would have to favour a continuation of a move down 85 points from the 50% level.
If short I would continue to hold, with a potential move down towards the Weekly lows this week.
Note:- it's not a spiral point...
That means Tuesday can move up into 88.94 and then the rest of Tuesday will be defined by this level:- double R85 points down over the next 2-days.
Above 88.94 and price is moving upwards and back towards the Weekly 50% level, which is part of a rotation back towards the January 50% level and start of the new Month, Quarter and Year.
Euro Weekly and 5-day pattern
At this stage the expectation that Monday's Yellow highs should continue back down into the 5-day 50% level.
Around the 5-day 50% level becomes a random pattern:- breaks and continues down into the 5-day lows by Tuesday...
or support and a choppy trading day as part of a 2nd day 'stall' pattern, and then continues higher on Wednesday.
There is still a possibility that there can be an UP move this week, as price goes looking for the new month 50% level.
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
