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  • Writer's picturePeet Serfontein

Analyst Thoughts: EUR/USD Medium-Term

THE PRICE ACTION HEADING FOR THE LOWER RANGE OF THE DECLINING CHANNEL PATTERN?


  • The illustrated view of RS downside to SA1**, followed by gains to R3 remains valid.

  • This should remain part of the larger R3/SA1** consolidation phase.

  • Interim downside is extending to cluster support at SA1** to complete the RS bearish correction.

  • Important SA1** support is expected to hold during the downside, followed by meaningful gains back to at least R2.

  • The eventual outcome of the R3/SA1** consolidation would be a large bull trend to new highs, similar to the previous bull trend.   



Target and Re-assessment Levels:

Important Levels: 1.0520/1.0470

Primary Trend and Target Levels: Gains off 1.520 to 1.1110

Monthly Range: 1.0870/1.0540

Prevailing Trend and Target Levels: Downside to 1.0540 and 1.0520

Technical Rating: Medium



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