The euro is trading between two February 50% levels, as shown in the Weekly report.
1.3516 (FEB 50%) is supporting the current price action along with Monday’s lows.
And as shown in the above chart, 1.3623 (FEB 50%) is resisting the trend.
At the moment it’s inclusive which way the euro will go.
Trend guide @ 1.3568 at 11am
If it’s going upwards it will need to break out above the 5-day 50% level @ 1.3650
I was looking for more upside on Monday, but it has consolidated above 1.0117.
Whilst price remains above this level, my view remains that the AUD will continue upwards based on the break and extend pattern from last week’s highs towards this week’s highs (& February highs).
The 5-day 50% level is the trend guide for today @ 1.0129 from 11am.
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
