Analyst Thoughts: EUR/USD Medium-term
VIEW RETAINED FOR A MATURING BEAR TREND BETWEEN 1.0260 AND 1.0640.
The F/K* bear phase remains valid but seems to be in a mature stage of development.
Corrective type price action within the parallel channel and a diverging RSI, confirms the view of a downward correction, rather than a bear trend.
Any definite breach of R0* will activate the expected bull trend to R2 and R3
The recent F/S1 consolidation points to further interim downside towards K*, before completion (perforated line).
It is important that the market remains above line K* for the illustrated outlook to remain valid.
Target and Re-assessment Levels:
Important Levels: R0* and K*
Primary Trend and Target Levels: Gains to R3 off K*/S2
Monthly Range: R1*/K*
Prevailing Trend and Target Levels: Downside to K*, then gains to R1
Technical Rating: Medium