Rebound, but risks just still lower
Day trade update and view
A Friday rebound, but whilst capped by .7814/17 resistances we see negative forces from last week's push below .7717 and .7700 supports and the up trend lines from early April and May, just keeping risks lower for Monday.
Day trade setup
- We see a downside bias for .7731 and .7685, maybe key .7672.
- But above .7814/17 possibly opens risk up to .7857.
The surge above key .7849 resistance signalled an intermediate-term shift to a bull trend.
- Upside risks: We see an intermediate-term bull trend to aim for .8007, .8118/25 and .8295.
- What changes this? Below .7672 shifts the intermediate-term bull trend straight to an intermediate-term bear trend.