The failure to rise through 1.2910 yesterday signals that Euro is developing a broader flat consolidation.The secondary drop has been quick and the pattern should be complete today.Only one more drop through yesterday’s low of 1.2750 is needed to complete it.I do not expect the mvg avg and previous minor lows at 1.2715 to break.By the end of the day Euro should be rising again and eventually it should move above 1.2910.Only a strong drop through 1.2715 will suggest a new decline.
Sterling could not generate any upward momentum yesterday and started a secondary drop of a broader consolidation.Expect a test of 1.8840 today to complete the pattern.The rally should then resume.
Dollar/Swiss failed to extend its decline and rebounded firmly to 1.2390.It should complete this rise and the broader corrective swing around 1.2400 today and resume its decline for 1.2150.
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