Friday last week I was looking for a push down due to the Weekly drops in the market.
The Sell continued down closing below the 3-day lows (change of cycle from BUY to Sell)
This week my expectation that December 50% level would support the currency and move back towards the 3-day high.
This was based on higher timeframe 50% levels along with 90 pip spiral lows.
Yesterday the support came in but then the moved below the Spiral low. After the early push upwards on Tuesday has now put the currency on alert for a break lower:- A 2-day UP swing and sell down on the 3rd day can move down for the rest of the trading week.
Whilst below Tuesday low @ 2.0589 (90 pip) then the expectation is that price is moving down into another 90 low.
There is still Valid support around December 50% levels, but trading longs below this level on Wednesday is open to risk, because the expectation is that the Weekly trend will continue down…
Higher timeframe support:- December 50%
Shorter-timeframe (3-day Sell cycle and below Weekly 50% level)
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