A bounce effort Thursday to probe above 1.1200 resistance, as we had expected, after the deeper correction to start the week through support at 1.1148, to leave a neutral tone for today.
Moreover, whilst above deeper support at 1.1048 and given the previous push above 1.1380/86, we see late June risk still higher.
For Today: We see a neutral tone between 1.1235 and 1.1134 (with a positive bias)
Break above 1.1235 aims for 1.1283, which we would look to try to cap.
Break below 1.1134 aims for 1.1077, maybe 1.1048, which we would look to try to hold.
Short/ Intermediate-term Outlook - Upside Risks:
We see a positive tone with the bullish threat to 1.1467.
Above here targets 1.1534 and 1.1680.
Overshoot risk is higher for 1.1871.
What Changes This? Below 1.1048 signals a neutral tone, only shifting negative below 1.0819.
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