VIEW RETAINED: BULL TREND TO 1.1655/1.1904
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