AndyM

EURUSD triangle continues to evolve, quiet time so far

FX:EURUSD   Euro Fx/U.S. Dollar
233 0 10
The EURUSD             is very likely completing a triangle, which ideally should end at ~1.1580, slightly overshooting the upper channel line. This will take a few more days, in the mean time the following developments are likely:
1) 200 more pips upside in EUR, GBP (C in flat), possibly a new low in CAD
2) Crude could easily get to 48-49 in a deep correction.
3) SPX             may get to a fresh high (last one), as there is a possibly of an ending diagonal developing.

Once we exit the triangle, I think this will coincide with the long awaited sell-off in equities and bonds which is likely to last straight until the elections in the US.
Enjoy the sunny and quite August wherever you are!
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