At this stage, the lower Weekly open, along with a major support level (December 50% level) has a much greater chance of finding support and then continuing higher with the over all trend towards December highs. (30th November)
Friday's report highlighted a couple of important variables:- lower weekly open and the December 50% level. (Support)At this stage my view is for the price to head back towards the 3-day highs @ 2.0793, close above, but then rotate down and consolidate for 2-days, before the next trend can develop in the following week.
This week’s December 50% level support has to be confirmed with the close above the 3-day highs.
This up move began from a 90 pip spiral low, so the best trading set-ups for this week would be to trade longs using 90 pip spiral bottoms until the market closes above those 3-day highs...
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