A solid rebound back higher to the range last week, and despite the Monday failure back from 1.5690, a Tuesday breakout above here reinforces a bull tone for Wednesday and also can re-energize the underlying bull theme.
The July push through resistances from June, the rally from our 1.5327 retrace support, and rebound from ahead of the trend line from May all leaves an upside risk into August.
We see an upside bias for 1.5717; break here aims for 1.5734 and 1.5789.
But below 1.5640 opens risk down to 1.5560/43, which we would look to try to hold.
Short/ Intermediate-term Outlook - Upside Risks:
We see a bullish rebound bias for 1.5681 and 1.5789
Threat above is then to 1.5930, 1.6000 and 1.6182/88.
Overshoot threat closer to 1.6525.
What Changes This? Below 1.5169 signals a neutral tone, only shifting negative below 1.5087.
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