Euro Weekly and Daily range
Yesterday:- 11am and July 50% level weakness pushed the Euro down into the Weekly 50%, which has formed support.
By looking at the levels in the higher timeframes, and the breakout of Wednesday's lows...
my view is that the first 12 hour will try and remain below Wednesday's lows.
It could push the trend down into Thursday's lows, but it might just remain above the brown filter and form a 'stall' pattern until 11pm
Once 11pm begins then it gets interesting, simply because the overall pattern (monthly step) is bearish, which could lead to more weakness.
However, it would not surprise me either to see the Euro move back towards the July 50% level once again after testing the Weekly 50% level.
AUD Weekly and Daily
Yesterday:- 11am rise yesterday, but it failed to precisely hit resistance levels @ 1.0736/38
Weakness formed once price closed below the 11am levels, pushing the trend down into Wednesday's lows, which formed support
Today:-
11am levels come into play once again, which could see the trend move down into the 11am channels (random support)
if below support, then it's once again trying for the 5-day lows/Weekly 50% level
Because of the July 50% level support, above 11am levels and Thursday could makes its way back towards the Weekly level and the channel highs in the 12 hour ranges
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
