A Wednesday and Friday stall ahead of the key 1.1216 barrier (as expected) for a roll back lower and a bear tone for Monday.
Furthermore, whilst below 1.1216, we see the broader, erratic down trend intact and see the risks as lower through mid-August.
We see a downside bias for 1.1079/68; break here aims for 1.1009.
But above 1.1214/16 opens risk up to 1.1244 and 1.1278/86, which we would look to try to cap.
Short/ Intermediate-term Outlook - Downside Risks:
Whilst below 1.1216 we see a more negative tone with the bearish threat back to 1.0807.
Below here targets 1.0658, 1.0520 and 1.0459.
What Changes This? Above 1.1216 signals a neutral tone, only shifting positive above 1.1436.
Momentum: The 8-day RSI, short-term momentum is falling and has scope to go still lower this week.
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