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  • Writer's picturePeet Serfontein

Analyst thoughts: EUR/USD Medium-term

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


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