Analyst thoughts: EUR/USD Medium-term
VIEW RETAINED FOR THE PRICE ACTION 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 indicated target area.
Confirmation of a maturing F*K trend is found in an oversold and diverging RSI (line D), as well as previous support around S1.
The current bear trend will remain valid until a definite break of line F* occurs.
It is important that the market remains above K* for the illustrated outlook to remain valid.
Target and Re-assessment Levels:
Important Levels: F* and K*
Primary Trend and Target Levels: Gains off S1* to R3
Monthly Range: F*/K*
Prevailing Trend and Target Levels: Upside off K* to F*
Technical Rating: Medium