A strong rally Tuesday for a bullish outside pattern to hit our 1.5629/44 target area and reinforce the recent bounce from our 1.5327 retrace support level.
This keeps a bias for further upside through midweek.
Furthermore, despite the July correction, we have maintained the view that whilst above 1.5169 we see a bullish recovery tone for July from the previous push through a long term retrace barrier at 1.5879 and the 1.5815 May peak.
We see an upside bias for 1.5734; break here aims for 1.5789.
But below 1.5555/50 opens risk down to 1.5450.
Short/ Intermediate-term Outlook - Upside Risks:
We see a bullish rebound bias for 1.5629/44 and 1.5789.
Threat above is then to 1.5930 and 1.6000 and 1.6182/88.
Overshoot threat closer to 1.6525.
What Changes This? Below 1.5169 signals a neutral tone, only shifting negative below 1.5087.
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