A grind lower to begin the week and reinforce the defensive consolidation phase last week, capped by resistance at 1.4982/95 ahead of 1.5013 with a more negative bias likely for early April.
Given the previous setback from 1.5169 and the March plunge through 1.5000 and 1.4813, the 2013 swing low, we see bigger picture negative pressures intact.
- We see a downside bias for 1.4753; break here aims for 1.4722, maybe 1.4689.
- But above 1.4923 opens risk up to 1.4982/95, which we would look to again try to cap.
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