Euro Weekly and Daily cycles
The Euro has continued down into Wednesday's lows, and also the single monthly lows @ 1.3006.
At this stage it's too early to tell whether the trend will begin to rise back up towards the March 50% level...
or whether the March 50% level is trying to send the Euro lower, breaking these higher timeframe support levels and extending down towards the 2nd Quarterly lows in April.
Short-term the 11am levels will define whether there is a continuation down into Thursday's lows...
or a rise upwards
AUD Weekly and daily cycles
Not a good sign to be breaking the weekly lows and also the March 50% level...
based on the current price action and Wednesday's close, I would have to say the market is moving down Thursday's lows (random support)
12 hour 50% level resistance.
Note:- don't hold shorts above the March 50% level @ 1.04860
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
