A BULLISH PHASE TO 1.1300 / 1.1350 IS LIKELY.
The prevailing perspective that the pair will experience a bullish trend towards Resistance Area 2 (RA2), followed by a swift decline towards Support Level 4 (S4), continues to hold merit.
Over the longer term, we anticipate fluctuating market conditions within the broad range defined by RA2 and S4.
During Phase B of the bull market, there was a significant reversal from Resistance Level 1 (R1), indicating a change in market direction. Currently, we are observing the pair's progression towards a consolidated support zone at S2 and S, aligning with short-term expectations.
As we navigate through Phase C/D, an upward trajectory towards RA2 is deemed probable, contingent upon the pair's ability to sustain above the critical support juncture at S1 during the ongoing decline.
The neutral territory for the medium term is demarcated by the range between R1 and S2, indicating a zone of equilibrium where bullish and bearish forces are balanced.
Target and Re-assessment Levels:
Important Levels: 1.0988 and 1.0685
Primary Trend and Target Levels: Gains to 1.1300, then down to 1.0245
Monthly Range: 1.0670 to 1.0955
Prevailing Trend and Target Levels: Downside towards 1.0685
Technical Rating: Medium
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