Technical Outlook and Chart Setups:
Structurally nothing has changed from yesterday. Prices stalled at the 0.786 Fibonacci resistance of the downswing from 102.00 level to 94.00 level. We should be getting bearish either today or tomorrow to confirm reversal on a daily chart. Smaller time frames indicate that the next down leg should begin. Potential remains below 94.00 level in the upcoming weeks. Immediate support remains at 96.00 level. We favor shorts at these levels since the risk/reward ratio is the optimum.
Trading Recommendations:
Hold on to short positions at 100.00 level taken yesterday, stop at 102.00, target open for now.
Good Luck!
