Euro Weekly and Daily range…
Wednesday has reversed down to retest the weekly breakout using the resistance levels in the daily range.
At this point in the trend it becomes tricky, because the euro could swing back upwards, but in theory it should at least follow the breakout pattern in the 12 hour range @ 1.4110 and continue down into #B
When we look at the larger monthly cycles, the Euro is reversing down from the MARCH highs @ 1.4189, and testing the Quarterly channel high (Yellow @ 1.4086), as shown in the Weekly report.
What traders need to keep an eye on is the Quarterly level @ 1.4086, because if it’s below and it’s reversing down from the March highs, the reversal of the trend could see the Euro back down into the weekly lows.
At this point there is no reason to be trading on the long side other than looking for short-term ranges of 41 pips or less.
I personally would be focusing on whether the Euro is going to continue lower.
AUD Weekly and Daily range
Based on the price action in the 2nd 12 hour pattern on Wednesday, it looks like the AUD will continue up towards the Weekly highs (resistance)....
Trend guide @ 1.0114/29
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
