A significant setback and a bearish outside pattern Tuesday, but a rebound effort through midweek rejects correction risks and leaves bias for a push back to 124.44/48.
As we stated in our last report "we still favour a July bullish resolution, now above 124.48".
We see an upside bias for 124.48; break here aims through 124.62 for 125.00, maybe 125.38.
But below 123.54 opens risk down to through 123.36 for 122.90/85.
Short/ Intermediate-term Range Parameters: We now see the range defined by 124.48 and 120.39.
Range Breakout Challenge
Upside: Above 124.48 aims higher for 125.85 and 129.08.
Downside: Below 120.39 sees risk lower for 118.86 and 118.33/14, maybe 116.67.
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