Technical Outlook and Chart Setup:
There is no doubt that prices have exceeded the level of 101.30 for 24 hours. At present, prices are testing resistance at 0.5 Fibonacci level (101.75). A reaction is expected here or at 102.20/30 levels if it is reached today. Believe it or not, the structure is still in Wave 2 of the 3 wave correction which has begun from 104.00 level. Wave 3 is expected to bring prices down to the 97/98 mark which is also the Fibonacci confluence of the target upswing as depicted above. Keeping it simple, the structure remains bearish for now.
Trade Recommendations:
Remain short from yesterday, also add to short positions now, stop above 102.50, target 98/97.
Good Luck!
