As expected, the intra day rebound effort Wednesday produced a neutral consolidation theme for Thursday, but with a negative bias.
This leaves bias for further digestion with a negative bias into Friday, but the Tuesday-Wednesday breakdown after the Chinese Yuan devaluation has re-energized the underlying bear theme into August.
For Today: We see a neutral tone between .6623 and .6516 (with a negative bias).
Break above .6623 aims for 6650 and .6674/80, which we would look to try to cap.
Break below .6516 aims for .6465, which we would look to try to hold.
Short/ Intermediate-term Outlook - Downside Risks:
We see a negative tone with the bearish threat to longer term targets at .6404 and .6196/54.
Overshoot threat is lower to maybe .6000.
What Changes This? Above .6772 signals a neutral tone, only shifting positive above .6930.
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