I believe that the Euro completed its (e) leg yesterday which means that the large triangle dating back from 2015 is over. It is very typical for the e wave of a triangle to coincide with some news event like yesterday election !
The euro went up sharply on the news and by the end of the day it had completely reversed all of its gain and even closing lower ! The trend is down now from yesterday highs and any pull back should be sold ! Closing below the (d) leg will confirm it !
The euro went up sharply on the news and by the end of the day it had completely reversed all of its gain and even closing lower ! The trend is down now from yesterday highs and any pull back should be sold ! Closing below the (d) leg will confirm it !
Comment:
We broke below (d) and are now challenging (b). This should confirm the end of the triangle and a move down to parity in the next few weeks and months.