Euro Weekly and daily rangeMonday failed to remain above 2nd support (from 11pm), after the first 12 hour pattern pushed upwards.
My view was that the first 2 days will try and move upwards, and that might still be the case after the Weekly lows provided support on Monday....
However, the Euro is now trading below the monthly 50% level @ 1.3516, which confirms more weakness.
In conclusion:- the trend guide is simply based on the 11am level @ 1.3492.
no probability in which direction Tuesday will go
AUD Weekly and Daily range.
As per Weekly report, my view was that the AUD will swing back towards the Weekly highs, however Monday's price action didn't provide the follow through during the 2nd 12 hour pattern (above 1.0051)
And once again we find the AUD trading around the Weekly 50% level @ 1.0016
Tuesday:- the brown filter and 1.0016 could once again provide another push upwards...
but we should keep in mind that there might not be further gains in the AUD until price tests the support channels intra-day. (blue)
That might not happen until the 2nd 12 hours (2nd support).
If AUD fails to make any gains on Tuesday, and we have 2 choppy trading days around the Weekly 50% level, then there could be further weakness towards the February 50% level @ 9912.
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
