Euro Weekly and Daily range
Whilst the euro is below the April highs @ 1.4446, the trend bias is down towards the lower Weekly level 1.4322, which retests last week's breakout.
Therefore, it will need to be trading below the 5-day 50% level @ 1.4376.
At this stage it's too early to tell whether the Euro will continue towards this week's highs.
That Weekly level @ 1.4322 is a random support zone, as price can continue down into Tuesday's 5-day lows, Daily Support.
Note:- Keep in mind that the Euro is coming down from the 2nd quarter highs in April, therefore there is always to possibility that the trend is reversing back towards the lower Weekly levels (3-week lows)
AUD Weekly and Daily
AUD coming back towards the Weekly level and April highs.
These levels are seen as Random support zones @ 1.0434.
Based on the current levels in the 12 hour range, it's too early to tell whether the AUD will swing back towards the Yearly highs @ 106.12.
Don't trade longs below 1.0424, as the market will move back towards the Weekly 50% level, and then the 3-week lows over the coming days.
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
