A Thursday rebound to reject the minor Wednesday setback that held above the 1.2815/1.2799 support area, to retain upside forces from Monday’s surge up through the November down trend line and also 1.2832 and 1.2878 resistances, to leaves risks higher for Friday.
- We see an upside bias for 1.2898; break here quickly aims for 1.2917 and maybe notable 1.2976.
- But below 1.2815/2799 opens risk up to 1.2768, maybe 1.2749.
Range breakout parameters: Range seen as 1.2656 to 1.3013.
- Upside risks: Above 1.3013 sets an intermediate-term bull trend to aim for 1.3177, 1.3397, 1.3473 and 1.3618.
- Downside risks: Below 1.2656 sees an intermediate-term bear trend to target 1.2516, 1.2405 and 1.2197.