A negative start to the week as expected, to dismiss the rebound effort late last week and leave a downside bias to the range theme for Tuesday and the focus on support.
The bearish outside pattern on Friday 2nd May through 1.1064 negated the prior bullish tone for a shift back to a broader range environment.
We see a downside bias for 1.0885, then 1.0866; break here aims for 1.0819, maybe 1.0786.
But above 1.1006 opens risk up to 1.1064/65, which we would look to cap.
Short/ Intermediate-term Range Parameters: We see the range defined by 1.0658 and 1.1208.
Range Breakout Challenge
Upside: Above 1.1208 aims higher for 1.1467 and 1.1680.
Downside: Below 1.0658 sees risk lower for 1.0520 and 1.0459.
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