VIEW RETAINED FOR AN IMPULSIVE BULLISH PRICE ACTION TO 1.1300/1.1350.
The expected reversal in the FK bear trend off S1/S2, is materialising.
The 1,2,3,4,5 bull trend to RA1 has potentially been activated after the break of F and S0*.
A test of RA1 is expected to be followed by a meaningful downside to S1.
The bull trend alternative is based on the pair remaining above the pivotal S0* level.
Current price action could still develop into a bullish correction as an alternative. A break below S0* will activate this alternative with a renewed downside to at least S2.
Target and Re-assessment Levels:
Important Levels: S0*
Primary Trend and Target Levels: Gains to RA1, then down to S0*
Monthly Range: R1*/S0*
Prevailing Trend and Target Levels: Gains to R1
Technical Rating: Medium
Comments