A further strong rally Thursday, building on the prior defence of our flagged support at 1.5538 (from 1.5539) to another new rebound high and as we had stated "we see an upside bias for 1.5677/1.5700; break here aims closer to 1.5815/26" to reinforce the recovery theme into Wednesday.
Furthermore, the early June rebound from above a key foundation at 1.5087 (from support now established at 1.5189/69) leaves a bullish recovery tone for June.
We see an upside bias for 1.5879; break here aims for 1.5945, maybe closer to 1.6000.
But below 1.5815 opens risk down to 1.5700 and 1.5675, which we would look to try to hold.
Short/ Intermediate-term Outlook - Upside Risks:
We see the bullish threat to 1.5879.
Above here targets 1.6000 and 1.6182/88.
Overshoot threat is closer to 1.6525.
What Changes This? Below 1.5087 signals a neutral tone, only shifting negative below 1.4854.
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