Technical Outlook and Chart Setup:
As it is shown above, yesterday’s intraday high at sub 97.50 levels may be the 4th wave top. Currently prices are unfolding a consolidating pattern in the shorter timeframe chart. It is quite possible that prices will break down in 1-2 days towards fresh lows. Intermediary support/low is at sub 96.00 levels and Fibonacci resistance begins from 98.50 levels.
Trading Recommendations:
1. Aggressive trading strategy would be to short at current market price (96.77), stop at 98.00, and target open.
2. Conservative trading approach would be to wait till prices are in consolidation.
Good Luck!
