A high-level consolidation on Tuesday of Monday’s dip and a rebound from just above our flagged 1.1288 support (from 1.1289), to sustain a positive tone from the June surge and the Friday push above key 1.1324 resistance, to keep risks higher into Wednesday.
The June surge above 1.1324 and the 2019 down trendline set an intermediate-term bull trend.
- We see an upside bias for 1.1348; break here aims for 1.1390, maybe towards 1.1448.
- But below 1.1289/88 opens risk down to 1.1250/43.
Intermediate-term Outlook – Upside Risks: We see an upside risk for 1.1448 and 1.1570.
What Changes This? Below 1.1200 shifts the intermediate-term outlook back to neutral; through 1.1106 is needed for an intermediate-term bear theme.
Upside EUR/USD Pressures Intact After Intermediate-Term Bull Shift
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