Euro Weekly and Daily cycles
Weekly lows and MAY lows formed resistance, along with the expectation that it's going to continue lower
11am levels are the trend guide....
There is always the possibility that this is a fake break and Friday moves upwards, helped by a minor breakout of the 12 hour channels (above the 5-day 50% level)...
but there's no way of knowing that until it happens. Therefore the bias is to stick with the current downward trend
AUD Weekly and Daily cycles
As mentioned in yesterday's report, the AUD is bearish with the expectation that it's extending towards lower lows in June.
Helped by yesterdays' rejection at the Wee.kly lows.
Trend bias is down, but if inside the 12 hour channels @ 11am there could be an early upward bias
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
