An important chart update here as we are talking "differentials" in the abstract concept of waves and TA.
We must first take notes of the previous leg which was the 1st wave and far from easy to spot, in the early game of rate differential turns, it takes a lot of energy to exploit one side the whole business involves activity. Think of the complicated setup, above the orderblock as a breakout, and remember we are playing a whitespace game!
On the other hand, operations on the FX board are quite simple and natural to follow. There have been some signs of a temp high cooking in EURUSD and with Italian politics entering back under the spotlight it will likely be used as a blockader. Remember ECB may, when the occasion demands it, possibly send forward false flags to clear the ground of infiltration above 1.25.
A pullback in rate differentials towards 1.25 will be enough to clear the board and by the apparently primitive sequence an pullback should materialise. The pullback should cap the highs in EURUSD for now until the summer to gather energy before we can launch decisively higher.
Thanks as usual for keeping the feedback coming 👍 or 👎