- We restate the view from our recent client reports that “whilst below 1.7152, we see a bias lower” and the push last week through the 1.7010/00 retrace/ chart area leaves threat for a more bearish shift.
- This activity has reinforced the push through the “neckline” support from mid-June to maintain a negative tone to the range (range seen as 1.7192-1.6952).
- The growing risk is for a July test to 1.6952 and more negative shift.
WHAT CHANGES THIS?
- Downside: Below 1.6952 would set a more bearish theme to target 1.6923 and then retrace level at 1.6884.
- Upside: A push above 1.7192 aims for a Fibo extension target at 1.7255 and the long term retrace at 1.7335.