Euro Weekly and Daily range
Euro has reversed down over the first 2 days, as part of a Friday high reversal pattern and retesting last week's breakout @ 1.3878
Normally we would see the euro swing back towards the highs, and then continue towards the Weekly highs by Friday or next week
However, the Monthly highs in March could see further weakness.
Today:- during the first 12 hours until 11pm (Sydney time)there isn't an ideal set-up to trade other than looking for a 41 pip move in the euro towards the channel highs, using the brown filter as a trend guide
AUD Weekly and 5-day patternAt the start of the week I was looking for the first 2 days to move upwards.
Yesterday I had the view that price would push downward because of the intra-day break pattern.
The first 2-days has now completed, but instead of moving higher it has moved into a 2-day 'stall' pattern, which can often see further weakness over the next 3-days.
However, there isn't a set-up to be trading shorts during the first 12 hours, and as long as it's above the weekly 50% level, Wednesday could push back towards the channel highs, which has been a resistance pattern for the past 2 weeks @ 1.0161
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
