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  • Writer's picturePeet Serfontein

Analyst Thoughts: EUR/USD - A Bigger Picture

VIEW RETAINED FOR A MEDIUM CONSOLIDATION BIAS


  • Long-Term Outlook:

  • The depicted bullish phase of XYZ, labelled as a correction, is anticipated to culminate around R3. Following this, a cyclical bear trend is expected to resurface, moving from R3 towards S4, potentially reaching new lows as depicted in the analysis.

  • Medium-Term Perspective:

  • The ongoing A,B,C bullish correction appears to be entering its final stage, phase C, with a potential peak at RA2*. A sustained position above the S1 level would serve as confirmation of this projection.

  • The analysis of both the A,B,C correction and the broader W,X,Y phases suggests a predominately sideways market movement between RA2* and S3* throughout much of 2024.

  • The absence of significant interim trends further supports this sideways market outlook.

  • Key Levels to Watch:

    • RA2* stands as a critical threshold for forecasting immediate market gains. Conversely, a break below S3* would signal the onset of a significant bearish trend.

  • Conviction Levels:

  • The general market outlook is held with medium to high confidence.

  • The predictions regarding short-term market movements are considered speculative.

  





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