An extremely strong recovery effort last week and as we warned securing a base above 1.5013.
However, the head fake recovery effort with a Shooting Star type pattern Friday leaves bias back lower for Monday.
- We see a downside bias for 1.4913; break here aims for 1.4809.
- But above 1.5054 opens risk up to 1.5164.
Short/ Intermediate-term Range Parameters: We see the range defined by 1.5164 and 1.4566.
Range Breakout Challenge
- Upside: Above 1.5164 aims higher for 1.5256 and 1.5459.
- Downside: Below 1.4500 aims for key longer term supports at 1.4295/28.