Still a cautious and hesitant tone into Wednesday (as we had flagged) to reinforce the broader range environment that we see extending into June.
The bounce last week from just below 1.2200 (from 1.2198) after the mini Double Top through 1.2366 maintains the non-trend environment.
For Today: We see a neutral tone between 1.2360 and 1.2249.
Break above 1.2360 aims for 1.2442, which we would look to try to cap.
Break below 1.2249 aims for 1.2198, which we would look to try to hold.
Short/ Intermediate-term Range Parameters: We see the broader range defined by 1.2667 and 1.2166.
Range Breakout Challenge
Upside: Above 1.2667 aims higher for 1.2835 and 1.3000/1.3062.
Downside: Below 1.2166 sees risk lower for 1.1915 and 1.1803.
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