Analyst Thoughts: EUR/USD Long-Term
VIEW RETAINED FOR A MATURING WEDGE PATTERN BETWEEN 0.9490 AND 1.1630.
The long-term P*Z* wedge pattern seems incomplete with further possible overlapping A,B,C and W,X,Y phases, as illustrated.
The A,B,C bull phase off S1 completes the expected B phase within the R1/S0 range. Phase C should then target line P*.
The potential for a bearish reversal at P* will activate the final W,X,Y downside to Z*/S1 cluster support.
A long-term bottom around Z* is expected to initiate a multi-year impulsive bull trend to R3 and R4.
Any definite break of P* will signal the end of the PZ bear phase and activate the bull trend to R3/R4.
Target and Re-assessment Levels:
Important Levels: P* and Z*
Primary Trend and Target Levels: Overlapping downside to S1/Z, followed by gains to R4
Prevailing Trend and Target Levels: Gains off S0 to P
Technical Rating: Medium