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!
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!
