A lacklustre bounce from 1.0819 support on Monday and a probe below here on Tuesday, capped by 1.0907 after a push last week through key 1.0914 support has seen a shift to a more bearish theme for July and Tuesday.
We see a downside bias for 1.0786; break here aims for 1.0735.
But above 1.0870 opens risk up to 1.0907.
Short/ Intermediate-term Outlook - Downside Risks:
We now see a more negative tone with the bearish threat to 1.0658.
Below here targets 1.0520 and 1.0459.
What Changes This? Above 1.1081 eases bear risks; through 1.1216 signals a neutral tone, only shifting positive above 1.1436.
Momentum: The 8-day RSI, short-term momentum is falling and has scope to go still lower this week.
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