Despite a whipsaw session Friday, bigger picture bearish pressures from the July push below 1.0819 and more recent stall back from ahead of 1.1216 have been reinforced by the price erosion last week.
The Thursday probe below 1.0922/21 leaves risk lower into Monday and also for early August.
We see a downside bias for 1.0892; break here aims for 1.0868.
But above 1.1050/60 opens risk up to 1.1114/29, 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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