Yesterday’s analysis was totally misleading. This was based around EUR/USD. When I awoke to see the charts I was dumbfounded. It would seem that we had completed a triangle – although it is probably the most clumpy, non-looking triangle I have ever seen… In some ways, I am glad we did see losses after all. The balance between the pairs would have been intolerable. Maybe GBP/USD can see losses although there is still a potential for a triangle – event at would provide the foundation for a stronger reversal lower.
Thus, we should be looking to sell into the dollar highs through all the four majors. Actually, this applies to AUD/USD also which is basically expecting the same outcome in USD/CHF. Therefore, today appears to be a critical day in general. If there is any pair that may not complete their structures then it’s in EUR/USD and possibly GBP/USD.
In addition, EUR/JPY made a mini-minor-tiny-weeny Wave v that was barely a wave. However, this has found the top and basically it tends to suggest some downside action.