Technical Outlook and Trade Recommendations:
Yesterdays's intraday rally stalled at 1775.00 level and prices pulled back sharply, suggesting that a lower high is in place now. Moreover, we have an Evening Star produced on 1H/4H charts as well. It is now safe to assume, that till the time prices are below 1775.00 level, they are heading south. We need to see a push lower through 1750.00 level for the downside to accelerate. Strong resistance comes in at 1785/90 levels now. Technically, a sequence of lower highs and lower lows below 1750.00 needs to be in place before we can have a further conviction about a larger retracement underway. Stay short for now.
Trading Recommendations:
Stay short for now, stop at 1790 level, target at 1720/00.
Good Luck!
