Euro Weekly and Daily range
The euro is either trying to move up towards the Weekly highs...or rotating back down into last week's Weekly high breakout, as part of a retest pattern.
Therefore the 11am levels will define the direction.
If the Euro moves down, it still has the possibility that the 5-day 50% level and channel lows will support the trend during the first 12 hours.
if below 1.4520 the trend bias is down into 1.4479 (previous Weekly high)
AUD Weekly and Daily range
AUD is in an uptrend, but my view is it's starting this week with a 2-day reversal pattern.
Monday was the first with random support...
And if Tuesday is the 2nd, then 1.0750 and 11am channel highs should push the AUD lower, and as far as the Weekly 50% level, if it begins trading below the 5-day 50% level
it's obvious that above the 5-day highs on Tuesday, the trend bias is up to the Weekly highs @ 1.0810
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
