Analyst thoughts: EUR/USD x-rate
VIEW RETAINED: BULL TREND TO 1.1655 REMAINS APPLICABLE
The general outlook of a 1,2,3,4,5 bull trend to R2 is materialising.
The bull trend started off line Q with the LM formation being phase 2 of the 1,2,3,4,5 bull trend.
Definitive bullish price action from S2 and subsequent break of S0* has further confirmed the bullish outlook.
Slowing gains to the initial R1 target should be followed by an R1/S0* corrective phase before further gains occur. This should address growing RSI overbought conditions (highlighted).
S0* is now the pivotal level for the medium-term bullish stance.
Target and re-assessment levels
Important levels: S0*
Primary trend: Gains to R1 and R2
Monthly Range: R1/S0*
Prevailing trend: Slowing gains to R1
Technical rating: Medium