Euro Weekly and 5-day patternExpectation that the trend is moving towards the Weekly lows and then the April lows.
Trend guide is the Yellow filter and a breakout of the 3-day lows.
Keep in mind that a break of a 3-day cycle can also result in a 2-day counter-trend move and then continue lower after the 2-days.
Therefore don't short trade above both the Yellow and White:- 1.3418
rotation back into the Weekly 50% levels.
AUD Weekly and 5-day pattern3-day low support, but helped with the cut in rates resulting in a breakout of the 5-day highs.
The trend bias is to continue towards the April highs, however price is trading around the Weekly highs.
Above Weekly highs is bullish...
Note:- minor pattern could see a retest of the 5-day 50% level....
This is because a breakout oftens sees a retest of the breakout from yesterday (5-day 50% level) and then continues higher Thursday & Friday towards April's highs.
Trend guide:- Yellow filter & Weekly highs
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
