Euro Weekly and Daily cycles
As noted in the Weekly report, the Euro is starting this week with a 2-day reversal pattern.
Even though the Weekly 50% level could support the Euro, the Daily cycles suggest more weakness down into Tuesday's lows.
Tuesday's lows are seen as Support, and if price rises up from those lows and forms a Daily HOOK pattern:- Tuesday closes above the Weekly 50% level and 5-day 50% level, then the trend should continue higher for the rest of the week.
AUD Weekly and Daily cycle
5-day 50% level is the trend guide....
at this stage I'm not sure whether Tuesday will continue down into the Weekly lows (Support), using the 5-day 50% level as resistance
or continue up, as part of a 3-day counter-trend move, as described in yesterday's report
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
