Euro Weekly and Daily range
As noted in the Weekly report, the Euro has a trend bias to continue lower, and whilst below the Weekly level the trend bias is down.
However, we have lower levels in the 5-day range, that could see the Euro swing back up towards the 5-day 50% level....
In conclusion:- there isn't a high probability short trade once the 84 pip completes @ 1.40798...
and at this stage, there isn't a high probability long trade whilst it is below the weekly level @ 1.4152
AUD Weekly and 5-day range
Friday high pattern and expectation that price is moving into a 2-day reversal pattern lower.
however, the yearly highs @ 1.0612 can continue to support the market, which could see Monday rise back towards the channel highs...
Bearish pattern would be the AUD trading below 1.0622 and the 5-day 50% level....
As part of a move down into the Weekly lows over the next 2-days.
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
