Euro Weekly and Daily
If the Euro is going to continue higher, after finding support around the Weekly levels, as it continues to trade above the July lows...
then ist will need to find support and the 11am levels, and break out of the 11am highs...
for a swing back towards the Weekly 50% level and Tuesday's highs.
high risk trading longs below the Weekly level and 11am support.
AUD Weekly and Daily
based on the levels on Tuesday, I favour a higher Tuesday open selling down from the 5-day 50% level and breaking 11am support and moving lower.
simply because price is trading below the Weekly and monthly 50% levels.
a bearish pattern will break out of Tuesday's lows.
A higher weekly close will find support on Tuesday's lows and then continue higher from Wednesday onwards.
However, if price moves down into 11am level and then rises higher, don't short-trade above the 5-day 50% level, as the market can swing back towards 1.07150
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
