A better rebound than anticipated with a bullish outside and engulfing pattern Monday (we had looked for a range consolidation), but the stronger recovery effort through trend line resistance now aims for a further upside into the broader range.
The anticipated break above 119.47 aims for 119.75, maybe 120.12, which we would look to try to cap.
But below 118.93 opens risk down to 118.50/33, which we would look to try to hold.
Short/ Intermediate-term Range Parameters: We see the broader range defined by 121.20 and 118.14.
Range Breakout Challenge
Upside: Above 121.20 aims higher for the new 122.02 peak and to a key long term retracement at 122.45.
Downside: Below 118.15 sees risk lower for 117.17 and 116.64.
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