A firm recovery so far this week, as we had expected, to reinforce the rebound last week through retrace/ chart resistance at 1.5416/37
Whilst above a key foundation at 1.5087 (and support now established at 1.5189/69), we still see a more positive recovery tone for Wednesday, this week and through mid-June.
We see an upside bias for 1.5437/41; break here aims for 1.5492/1.5508.
But below 1.5366 opens risk down to 1.5256, which we would look to try to hold.
Short/ Intermediate-term Outlook - Upside Risks:
Whilst above 1.5087, we see a positive tone with the bullish threat back to 1.5700 and through 1.5826.
Above here targets 1.5879, 1.6000 and 1.6182/88 into May.
What Changes This? Below 1.5087 signals a neutral tone, only shifting negative below 1.4854.
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