Consolidation before a final sweep...

We are going to see some short-term relief here before continuation towards the lows at 1.06559. Any pullbacks over the coming weeks should be viewed as corrective and offer an opportunity to add dovish exposure in the summer doldrums.

The risk to our thesis is a break above 1.12. This will invalidate the pattern and remove the possibility of this being viewed as a C leg in the ABC zigzag since April.

We may consolidate here for some time before eventually continuing on the natural path towards 1.06559.

Best of luck all those in EURCHF and EUR.

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