A significant setback from a new rebound peak (1.2665), has switched the focus back to support into midweek.
But whilst above 1.2418 and given the strong bounce from here Friday, we see upside pressures intact through month-end from the priorsolid defence of the 1.2352 Februarysetback low and the January chart support at 1.2313.
A dip below modest chart support at 1.5341, but a strong rally rebound from 1.5316 to leaves upside pressures from the bullish extension last week and mid-February within the broader, non-trend, range theme.
The firm February recovery effort above the key 1.5270 level and trend line from July 2014 completed a short-term base, for a broader consolidation phase, but still with a near term positive tone.
A modest dip and solid bounce Thursday for a consolidation tone, but a still positive bias from the Tuesday-Wednesday rebound from the 118.15/11 support area, through notable resistance at the 119.20/27 pivotal area to leaves risk higher for latter February.