Yesterday’s analysis was totally misleading. This was based around EURUSD. 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 GBPUSD 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 AUDUSD also which is basically expecting the same outcome in USDCHF. 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 EURUSD and possibly GBPUSD.
In addition, EURJPY 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.
Have a great weekend
Ian Copsey
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