"Last week saw a strong decline and was the 6th down week in a row. That emphasised the underlying tone that is also reflected by negatively trending Keltner channels.

The last 2 days of profit taking has already seen last week's net fall regained and, more importantly, the 13 day moving average exceeded on the topside for the 1st time in more than 1 month.

The bounce is still assessed as temporary but immediate momentum, strength and stochastic signals are all positive, and so we look for 1.5270 or even 1.5338 to be tested in the coming days with only a move under 1.5060 renewing the downside earlier than currently assessed."