Day trade outlook: Resilient consolidation, risks stay higher
Again, a resilient consolidation Wednesday (as also seen Tuesday) after the spike lower and rebound from 1.2242, retaining a positive tone from the latter March surge above key 1.2423 (to switch the intermediate-term bear trend to neutral), to keep the risk higher into Thursday.
- We see an upside bias for 1.2444 then 1.2485; a break above aims for 1.2528, 1.2577 and maybe towards 1.2624/41.
- But below 1.2330/01 targets 1.2242, which we would look to try to hold. Below targets 1.2181/44 and maybe 1.2000/1.1990.
We see an intermediate-term range as 1.1639 to 1.3200.
- Downside risks: Above 1.3200 sets an intermediate-term bull trend for 1.3515 and maybe 1.4000
- Downside risks: Below 1.1639 sets an intermediate-term bull trend for1.1410, 1.1250, 1.1000 and 1.0500.
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