The push this week through 1.5371, 1.5398, 1.5425 and 1.5459 resistance levels to hit 1.5500 maintains a bullish theme into early May.
The corrective setback and consolidation Thursday is likely to extend into Friday (and the UK holiday on Monday), but the strong rally from mid-April through the 18th March peak at 1.5164 has set a more bullish tone for May.
A push still higher Tuesday as we had expected, having stated that "we see an upside bias for 1.0925/27; break here aims for 1.0955".
However, whilst capped by 1.1053 we see bearish pressures resuming for late April and into May and we see bias for a correction lower from here on Wednesday. A break above though, would set a base and more positive tone.
Not aggressively bullish, but a still positive tone Monday through .7843/5 barriers to maintain positive pressures early this week, further reinforcing the reversal above the down trend line from October 2014.
We see upside risk in the very near term, but within the context of a short/ intermediate-term range theme.