The expectation of a consolidation did develop but was short lived. What was slightly surprising was the deeper pullback in that then encouraged the bearish (following its short lived consolidation) to push way lower. The cross should soon see a pullback higher but not by a large degree – and that tends to suggest the potential for consolidation with both majors seeking the Dollar upside. I’m not sure whether I have the structure correctly but this should also see gains resume.

At the same time, should follow the main group in hunting up the but this pair has lagged quite a bit and I wonder whether it will have a growth spurt. That’s not a forecast but just the musings of why it has not really matched the losses in EUR/USD…

What I do see is EUR/JPY the risk of a more limited move today. It needs an initial upside and then the downside – but then a pullback higher.

As for the , it has two alternatives: either we shall see an expanded flat or a direct follow-through from yesterday’s decline. Given the comments above, the second alternative appears to be the most likely…

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