Analyst thoughts: EUR/USD Medium-term
VIEW RETAINED FOR THE PRICE ACTION TO CONTINUE TO TEST THE BEARISH TARGET LEVELS
The general view of a 1, 2, 3, 4, 5 bull trend to R3/R4 on completion of the F*/K bear phase is retained.
The long-held expectation of phase C downside within the F*K parameters to S0/S1*/K cluster support is testing the indicating target area.
Confirmation of a maturing F*K trend is found in an oversold RSI (line D) and corrective type price action within the F*K lines.
The current bear trend will remain valid until a definite break of line F* occurs.
It is important that the market remains above S1* for the illustrated outlook to remain valid.
Target and Re-assessment Levels:
Important Levels: F* and S1*
Primary Trend and Target Levels: Gains off Q/S1* to R3
Monthly Range: R0/S1*
Prevailing Trend and Target Levels: Upside off S1* to F*
Technical Rating: Medium