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  • Writer's picturePeet Serfontein

Analyst Thoughts: EUR/USD Medium-Term

VIEW RETAINED FOR A BULLISH PHASE TO CONTINUE


  • The preferred view of a bull trend to RA2*, followed by an impulsive downside to S2, remains valid. The general longer-term view is thus for wide-ranging conditions between RA2* and S2 for the initial part of 2024.

  • An interim bearish correction off R1 could target S0* to develop into a R1/S0* consolidation.

  • The final upside to the RA2* target area is expected to be followed by a meaningful bear trend as illustrated.

  • S0* remains the pivotal level for the view. A breach of this level would signal a reversal in the current bullish sentiment and trend.

  


Target and Re-assessment Levels:

Important Levels: RA2* and S0*

Primary Trend and Target Levels: Gains to RA2*, then down to S2

Monthly Range: R1/S0*

Prevailing Trend and Target Levels: R1/S0* consolidation

Technical Rating: Medium



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