A far more positive tone on Friday, leaves positive pressures early this week, reinforced by the reversal above the down trend line from October 2014.
Although we look for upside risk in the very near term, we simply see a short/ intermediate-term outlook as a range theme.
- We see an upside bias for .7843/50; break here aims for .7884 and .7905, but we would look for .7938 to try to cap.
- But below .7761 opens risk down to .7707/02, which we would look to try to hold.
Short/ Intermediate-term Range Parameters: We see the range defined by .7938 and .7533.
Range Breakout Challenge
- Upside: Above .7938 aims higher for .8027/62 and .8224/34.
- Downside: Below .7533 sees risk lower for .7500 and .7267.
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