Euro Weekly and Daily range
The euro is rising up from the Weekly 50% level, as part of a 2-day reversal pattern (Friday 5-day low)
The trend bias is to continue towards 1.4150.
Currently the Euro is trading above the 2nd 12 hour highs and inside channels, which should continue to move up towards 1.4119.
Once is gets to that level, it’s either going to continue upwards, as part of a 2-day up move….
Or it’s going to push the Euro back down into the channel lows @ 1.4064 (random support)
AUD Weekly and Daily range.
Weekly support @ 1.0232 help push the AUD upwards, but it failed to continue towards the March highs.
The current price action looks like it’s part of a 2-day stall pattern after Friday’s 5-day highs.
If Tuesday follows the daily range pattern, then it looks like it will continue down into the support levels and 5-day 50% level, but below the Weekly level.
Or AUD continues to remain choppy on Tuesday (41 pip ranges), as part of a 2-day range stall pattern before it continues upwards.
Note:- don’t trade longs below 1.0201
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
