A solid consolidation tone and an upside bias with the Monday push to a new recovery high to leave upside risks into Tuesday.
In addition, the previous break above key resistance at 1.2667 maintains and reinforces a bullish tone for July.
We see an upside bias for 1.2790; break here aims for 1.2835, maybe 1.2875.
But below 1.2695 opens risk down to 1.2652, 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 1.2835.
Above here targets longer term levels at 1.3000 and 1.3064.
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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