Technical Outlook and Chart Setups:
Until now, yesterdays' movement can be considered as a pullback. As depicted above, prices are just on the verge of breaking the short-term trend line at the moment. A pushdown would initially want to target 1720/00 levels. A further break could trigger a major sell off towards the 1640/50 region. 1785 is resistance now while 1750 is intermediary support. We would recommend traders to initiate fresh short positions or stay short. It looks like a short-term lower high has been carved out at 1785/87 level for now.
Trade Recommendations:
Stay short for now, stop at 1790, target at least 1720/00.
Good Luck!
