A push still higher Monday through resistance at 1.5598 (as we had expected) after a firm rally late last week from ahead of our 1.5397 support to reinforce the firm recovery theme into Tuesday.
Moreover, the early June rebound from above a key foundation at 1.5087 (from support now established at 1.5189/69) leaves a positive recovery tone through mid-June.
- We see an upside bias for 1.5677/1.5700; break here aims closer to 1.5815/26.
- But below 1.5538 opens risk down to 1.5484, maybe 1.5465/60, which we would look to try to hold.
Short/ Intermediate-term Outlook – Upside Risks:
- Whilst above 1.5087, we see a positive tone with the bullish threat back to 1.5700 and through 1.5815/26.
- Above here targets 1.5879, 1.6000 and 1.6182/88 into May.
What Changes This? Below 1.5087 signals a neutral tone, only shifting negative below 1.4854.