A strong rebound rally last week and despite a further setback we see bullish pressures intact whilst minimally above 1.1064.
The push through a notable barrier at 1.1380 reinforced the late April extension above 1.1249, which produced a shift to a more bullish tone into May.
We see a downside bias for 1.1116; break here aims for 1.1064, which we would look to try to hold.
But above 1.1237 opens risk up to 1.1289.
Short/ Intermediate-term Outlook - Upside Risks:
We see a more positive tone with the bullish threat to targets 1.1449 and 1.1534.
Above aims for 1.1680, maybe 1.1871.
What Changes This? Below 1.0957 eases bull risks; through 1.0786 signals a neutral tone, only shifting negative below 1.0658.
Momentum: The 8-day RSI, short-term momentum has corrected from OB and is re-energized.
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