The Monday bear gap was closed, having defended last Monday's spike low to 1.0951, but to stall at resistance at 1.1110 to leave a downside risks for Tuesday.
The plunge last Monday through 1.1048 signalled a shift to a broader range environment, which we see as intact.
We see a downside bias for 1.1000; break here aims for 1.0968/51, which we would look to try to hold.
But above 1.1096 and 1.1110 opens risk up to 1.1171.
Short/ Intermediate-term Range Parameters: We see the broader range defined by 1.1436 and 1.0819.
Range Breakout Challenge
Upside: Above 1.1436 aims higher for 1.1467, 1.1534 and 1.1680.
Downside: Below 1.0819 sees risk lower for 1.0658, 1.0520 and 1.0459.
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