A setback Tuesday after the Monday better push above the psychological/ option target at 1.3000 that reinforced the Wednesday surge through the 2015 high at 1.2835.
This leaves bias for a midweek consolidation, but risk higher for July, to aim for a key target above.
For Today: We see a neutral tone between 1.2885 and 1.3024 (with a positive bias)
Break above 1.3024 aims for 1.3064, which we would look to try to cap.
Break below 1.2885 aims for 1.2805, which we would look to try to hold.
Short/ Intermediate-term Outlook - Upside Risks:
We see a more positive tone with the bullish threat to 1.3064.
Above here targets longer term levels at 1.3346 and 1.3454.
What Changes This? Below 1.2213/09 eases bull risks; through 1.2123 signals a neutral tone, only shifting negative below 1.1915.
Momentum: The 8-day RSI, short-term momentum is rising and has scope to go still higher this week.
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