Technical Outlook and Chart Setups:
The bounce which was expected at 1780/85 region has not materialized and prices are again within the channel. 1770.00 level (intermediary support) has been broken now, and prices are looking further down. As depicted above, the short-term support trend line is passing through the 1740/50 region. Bears would be eyeing 1740.00 level at least. In the event of a trend line break, prices would accelerate towards 1700 and 1650 as well. Bearish for now.
Trade Recommendations:
Sell now. Stop 1800.00. Target 1740, 1700, and 1650.
Good Luck!
