VIEW RETAINED FOR A BULL TREND TO 1.1655
The general view of 1,2,3,4,5 bull trend to R2 is retained. A deeper than expected bearish correction (2) has prompted some adjustments in the detailed outlook.
An LQ triangle pattern has given way to the impulsive 1,2,3,4,5 bull trend to R2 and R3.
The current phase 2 downside has broken through the initial R0* level, but still looks corrective with modest further potential.
It is important that the pair remains above S1* for the illustrated outlook to be valid.
A sharp break through R0* will confirm the end of the corrective phase 2 with further upside momentum.
Target and Re-assessment Levels:
Important Levels: R0* and S0*
Primary Trend and Target Levels: Gains to R2 and R3
Monthly Range: R1/S1*
Prevailing Trend and Target Levels: Upside off S1* to R1
Technical Rating: Medium to Low