A better bounce late last week, again reluctant to retest the 1.0819/07 support area, to leave an upside bias for Monday.
However, for latter July/ early August, we still see a bearish tone since the probe of 1.0819.
We see an upside bias for 1.1018; break here aims for 1.1036 and then 1.1081.
But below 1.0921 opens risk down to 1.0868.
Short/ Intermediate-term Outlook - Downside Risks:
We now see a more negative tone with the bearish threat to 1.0658.
Below here targets 1.0520 and 1.0459.
What Changes This? Above 1.1081 eases bear risks; through 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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