Euro Weekly and Daily
Currencies have started this week with a 2-day reversal pattern.
The price action in the euro often suggests that, if Monday reverses and closes below the 5-day 50% level....
Tuesday will continue to move lower (2nd day reveresal) from the 5-day 50% level towards the daily lows (5-day lows)...
That means the October 50% level @ 1.3776 becomes ressistance....
with 12 hour support levels using the blue channel lows
AUD Weekly and Daily
The 5-day range in the AUD doesn't provide that exact same set-up, as the 5-day 50% level and OCT 50% level @ 1.01210 can form support.
Therefore the white channel low @ 1.0196 can push the trend down towards the October 50% level.
Once it gets there, it becomes and each way bet on whether it holds support
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
