The dynamic I see here is the pair is trying to fulfil its obligation to return the Median Line (Red), though the Euro weakened significantly by support drop on the 09th and so is being easily being knocked down repeatedly by the 0.382 of a mSchiff, or a line very parallel to it (this secondary 'strength' line in blue - look at the rise break on the 7th June, the criss-cross back & forth on the 20th June, the line is already in action)
And so a pennant has formed.
Next week, BTW, if my interpretation that the price of WTI crude has peaked, and how fast it falls will impact the dollar strength significantly. The relationship is inverse overall.
PS. I've tried to simplify the chart by knocking out less necessary lines of the minor forks
And so a pennant has formed.
Next week, BTW, if my interpretation that the price of WTI crude has peaked, and how fast it falls will impact the dollar strength significantly. The relationship is inverse overall.
PS. I've tried to simplify the chart by knocking out less necessary lines of the minor forks