Euro Weekly and daily range
Early resistance @ 1.42220 provided a 84 pip reversal on Tuesday...
And during the 2nd 12 hour pattern we can see a breakout of the channel highs and also above the 5-day 50% level.
However, it doesn't provide any clues on whether the Euro will continue towards the highs on Wednesday...
or whether the Weekly level @ 1.4299 sends the trend down, as part of a move towards the Weekly lows by Friday.
If you think the market is going to continues higher, then the 5-day 50% level and channel highs becomes a random support zone 1.4216 (41 pips +) (1.4193 41 to 85 pips)
below those levels and the trend bias is down
AUD Weekly and daily range
AUD has consolidated above the support levels (MAY 50% level)... and is currently back above the yearly highs @ 1.0612...
if AUD is going to continue higher, then it's going to rise upwards from 11am using 1.0612 as support, which matches the levels in the daily range...
otherwise be aware of a 3rd day sell-off after the expectation of a 2-day rise from Friday's lows, as mentioned in the Weekly report
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
