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  • Writer's picturePeet Serfontein

Analyst thoughts: EUR/USD Medium-term


  • The general view of a 1,2,3,4,5 bull trend to R2 and towards R3 is retained.

  • In line with this view the current downside off R1 to S1* would be phase 2 and will be followed by trending phases 3 and 5.

  • A break of R0* will activate upside to at least R1/L.

  • It is important that the pair remains above S1* and N for the illustrated outlook to be valid.

  • A sharp break through R0* will confirm the end of the corrective phase 2 with further upside.

  • Alternative: The depth of the phase 2 correction suggests that the bull phase could remain overlapping and within the LQ parameters as a likely alternative.

Target and Re-assessment Levels:

Important Levels: R0* and S1*

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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