Euro Weekly and Daily cycles
Euro Failed to remain above Tuesday's support levels, & breaking the 5-day lows.
Current price action looks like the Weekly 50% level might support the trend during the first 12 hours, but fail to rise higher than the 5-day50% level (random resistance) and the Weekly level @ 1.3286.
Daily cycles suggests a move down into Wednesday's lows.
AUD Weekly and Daily cycles
AUD is moving down into Wednesday's lows, which aligns with the major support levels in the 2nd Quarter, as per Weekly report @ 1.0247/1.0273.
There are two patterns that can play out if Support holds...
#1) Finds support on Wednesday and closes higher... and then continues higher using next week's 50% level as the trend guide.
#2) closes on its lows this Week (Friday 5-day lows support)...
and then rises up from a lower week open using higher timeframe support, as a Thrust pattern upwards.
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
