Wednesday:- 3rd day sell after 2-day upmove in a '3-day sell cycle'.
Confirmed change of trend when December 50% level broke, with trending down day. (actually earlier with expectation of 90 pip down move below 2.0589)
Expectation for the rest of the week to move lower into a Friday low close, as it heads towards the December lows.
As was the case with US Index markets and the SPI, in downtrending markets the best filter and resistance is the trailling 5-day 50% level.
Thursday:- Expectation to rotate upwards into 5-day 50% level.
If looking to trade the currency then the 5-day 50% level is your best risk filter on Thursday, with a continuation down into the blue channel lows.
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