A resilient consolidation to start the week, after the rebound last week from support established at 1.1204/03 to push above 1.1380/86 to aim higher Tuesday and this week.
Moreover, whilst above 1.0819 we see a bullish bias through mid-June (from the prior push up through 1.1208).
- We see an upside bias for 1.1366 and 1.1436; break here aims for 1.1467, maybe even for 1.1500.
- But below 1.1311 opens risk down through 1.1291 closer to 1.1204/03.
Short/ Intermediate-term Outlook – Upside Risks:
- We see a positive tone with the bullish threat to 1.1467.
- Above here targets 1.1534 and 1.1680.
- Overshoot risk is higher for 1.1871.
What Changes This? Below 1.0819 signals a neutral tone, only shifting negative below 1.0658.
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