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Analyst Thoughts: EUR/USD Medium-Term

  • Writer: Peet Serfontein
    Peet Serfontein
  • May 30, 2024
  • 1 min read

DOWNSIDE TO 1.0530 SEEMS LIKELY


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

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

  • The PQ defined gains seems corrective, supporting the interim view of downside off the R0/R1* resistance area to SA1**.

  • This move will likely complete the KL formation.

  • Important SA1** support is expected to hold during KL defined downside, followed by meaningful gains back to R2 and R3.

  • The negation level for the expected bear phase is at R1*. This will pivot the pair to a larger bullish potential to R2.  



Target and Re-assessment Levels:

Important Levels: SA1** and R1*

Primary Trend and Target Levels: Gains off SA1** to R2 and R3

Monthly Range: K/L

Prevailing Trend and Target Levels: Downside off R1* to SA1**

Technical Rating: Medium




 
 
 

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