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  • Writer's picturePeet Serfontein

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


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