EurUsd- Change of medium term trend?

22 thg 2

Two days ago, in a short-term analysis of EURUSD, I mentioned that the 1.0790-1.0800 zone is pivotal for a potential reversal in the currency pair.
The pair did break above that level and is currently consolidating above it.
Now, I find myself wondering whether this marks a reversal in the medium-term trend or simply a correction from the year's selloff.

Upon examining the weekly chart, the technicals suggest a potential longer-term reversal.
As we are aware, the 1.0730 zone served as a support level.
Upon piercing it twice, the pair reversed direction on each occasion, notably marked by pin bars.
Additionally, the current reversal bears a striking resemblance to the reversal observed around 1.05 back in October.

In conclusion, from a longer-term perspective, there appears to be a significant likelihood of a reversal for EUR/USD, with a target around 1.1, but perhaps more likely at 1.12.