Euro Weekly and Daily range
yesterday was choppy, as it remained within the 12 hour channels
Tuesday's trading is based on whether the trend continues down towards the Weekly levels @ 1.47020 to 1.4677
or whether the trend continues towards the highs.
5-day 50% level is the trend guide
Note:- often when the previous Weekly timeframe has broken out I would look for the trend to continue upwards from Wednesday after testing the weekly levels.
However, keep in mind the overall position of the USD index and its current support....
if it rises the Euro will continue to fall
AUD Weekly and Daily range
AUD remaining within a 84 pip range, as part of a 2-day reversal pattern towards the lower Weekly levels (retest last week's breakout)
however, Monday hasn't continued down, and Tuesday isn't below the 5-day 50% level (Support)
Therefore there isn't a high probability set-up during the first 12 hours
Trend brown filter
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
