We stated in our last report that "we see an upside bias for 1.5371; break here aims for 1.5398, 1.5425 maybe 1.5459" and the push through all these levels to hit 1.5500 maintains a bullish theme into early May.
Although we look for a potential corrective setback and consolidation Thursday (maybe Friday), the strong rally from mid-April through the 18th March peak at 1.5164 has set a more bullish tone for May.
We see a downside bias for 1.5348; break here aims for 1.5270.
But above 1.5500 opens risk up to 1.5552/69, maybe 1.5620.
Short/ Intermediate-term Outlook - Upside Risks:
We now see a more positive tone with the bullish threat through 1.5500.
Above here targets 1.5552/69, 1.5620, 1.5786, 1.5826, 1.5879 and maybe 1.6000 into May.
What Changes This? Below 1.4911 eases bull risks; through 1.4854 signals a neutral tone, only shifting negative below 1.4566.
Momentum: The 8-day RSI, short-term momentum is rising and has scope to go still higher this week.