Euro Weekly and Daily cycles
Price action in the Euro is what I thought would happen, and continue down as far as the Weekly highs breakout from last week @ 1.3318.
Normally this becomes a retest of the breakout and the price continues upwards.
However, the cycles the daily range don't provide an ideal set-up, as the 5-day 50% level and 12 hour channels could push the trend down towards Thursday's lows (Random support)
In conclusion:- either Thursday's lows or the 2nd 12 hour pattern ( after11pm) provides the set-ups for the trend to continue higher
Or Thursday's lows breakout, and the trend continues down in the 2nd 12 hour pattern towards the Weekly 50% level and March 50% level. (5-day lows become resistance)
AUD Weekly and Daily cycles
Weekly and monthly highs formed resistance on the last day of the month...
Those resistance levels have now disappeared
The Trend is either going to find support in the 12 hour range and remain above the Weekly 50% level and continue higher...(within the 12 hour channels white)
or it's going to break, and the trend continues down into the Weeky lows by Friday,
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
