EURUSD: 4.27pm

No time to look at anything else today - this pair is very interesting. I have zoomed out a bit to encompass the whole move up from 1.2041 as in the weekend report. From left up hill, I have added the dark blue Speed Line channel off the first 'a' wave and then the green channel off the second 'a' wave. It is noticeable how momentum slowed down in that second channel but for now, neither channel has been broken to the downside, if one is to believe that these channels have efficacy - which I do, especially when you combine with the Pyrapoint calcs - see the top! I have rearranged the two potential downside candidates in dashed lines and different colours but key is that 90degree 1.31634 line - marked with red arrow. Add in the daily SMi position and one has got to give credence to that drop being a 'b' wave as a mimimum with more fathoming out of the journey ahead to come. We shall see. Take out the 1.31634 line and the bottom of the blue channel and different story.