Despite a push last week above resistance in the 1.5192/96 area, a stall back from 1.5276 leaves a negative bias early this week and risk of bear pressures resuming.
Short-term Outlook - Downside Risks:
- Below the 1.5035 cycle low from last week sees a modest weekly support target at 1.5024, just ahead of the psychological/ option target at 1.5000.
- Overshoot threat for January is down to the 2013 cycle low at 1.4813.
What Changes This? Above 1.5320 eases bearish risks; through 1.5621 signals a base and range theme, only shifting positive above 1.5786.
- A downside bias aims for the cycle low at 1.5035 and quickly to key targets 1.5024/00, maybe then 1.4935
- Above 1.5181 aims for 1.5236 and maybe targets 1.568/76, which we would look to try to cap.
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