Yesterday I described a coiling pattern on the German Bund futures, today I will show a similar pattern on the Euro. Converging trendlines, flattish channel neutral cyclycal position and flattish forecasting line: classical prelude of the next important move. Most likely the EURUSD will breakout in the opposite direction of the Bund in my opinion within the same timeframe. Needless to say inside such coling patterns any short term forecast is useless because the market just moves randomly inside the converging technical pattern.
EURUSD hourly chart with channel
Below an update of the Bund chart from yesterday: still inside its converging trendlines.
Bund futures hourly chart with channel