GBP/USD
Overall trend is down with any furthur weakness this week expectation is that price will push lower towards the Weekly lows @ 1.9063
This Week's expectation was that price would try and swing upwards towards the 3-day highs in the first couple of days. This occured yesterday, and whilst price is trading back below the 5-day 50% level, the expectation is that price will follow the overall trend down
The trend guide is the 5-day 50% level for the rest of the week, whilst price is trading in the middle of the range it can go either way:- follow the overall trend down, or follow the lower Weekly open back towards the 3-day highs. (no probability trades on GBP)
EUR/USD....
Euro is in an Up-trend, it's above all timeframe 50% level and has just completed a 2-day stalling pattern from a higher Weekly open... if the trend is going to move higher on the 3rd day, then price needs to move back above the 5-day 50% level and breakout above the high channel, and it resumes it's weekly trend upwards.
However, the close below the 3-day lows on Monday changed the cycle around to a 'Sell'.
When this occurs there is a 72% probability that the next day will move higher:- this was the case on Tuesday once it started trading above the 5-day 50% levels.
If the Euro is going to 'sell' down and move back into the Weekly 50% level, then it's going to happen on Wednesday (sell down on 3rd day higher open) push down breaking the 3-day lows...
If the EUR does sell off on Wednesday, the down day has a random length:- price rotation is towards the Weekly 50% level, below this and expectation is that price is rotating back into the January 50% level.
Personally I find EURO choppy and I hardly trade it. I much prefer GBP because of the larger ranges and seems to follow higher probability patterns (support/resistance) to the letter much more often than EUR.
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