Analyst Thoughts: EUR/USD Medium-term
VIEW RETAINED FOR A FORECAST OF THE BEAR TREND'S CONCLUSION, FEATURING TWO PROBABLE PRICE SCENARIOS.
The expected completion of the FK bear trend has materialised.
Two feasible alternatives might unfold:
1. The illustrated 1,2,3,4,5 bull trend to RA1 has potentially been activated after the break of F and S0*. A sharp upturn off S0* and breach of L will confirm this outlook.
2. The LP formation is an overlapping bearish continuation pattern that should lead to further downside to S2. A breach of S0* and P will activate this outcome.
S0* is the pivotal level.
Target and Re-assessment Levels:
Important Levels: S0*
Primary Trend and Target Levels: Gains to RA1, then down to S0*
Monthly Range: R1*/S0*
Prevailing Trend and Target Levels: Gains to R1
Technical Rating: Medium