Euro Weekly and Daily range
Euro about to complete the 2nd phase of the upward trend around the Weekly and Single monthly highs.
Because there is a breakout of Tuesday's highs, the trend can continue to move up towards Wednesday's highs, but after that, it becomes a random pattern, as price begins to hit resistance levels, but doesn't mean the euro will necessarily reverse down....
other than short-term 12 hour reversal patterns.
Random support around Tuesday's highs and brown filter.
Breakout of Tuesday's highs, as the January resistance levels disappear, and now the trend is moving towards the February highs
My ideal pattern didn't play out as expected, but as pointed out yesterday, there was an expectation that Tuesday would initially push upwards, whilst above .9977
Today:- because there is a breakout of the Weekly highs. my view is that the AUD will remain above these levels and continue to move towards the monthly highs.
That means from 11am, Wednesday can continue to push upwards, using 1.0111, as the trend guide....
but if below that level, then my view is that the first 12 hours will come back and retest the breakout levels using trailing support
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
