Technical Outlook and Chart Setups:
Till now, prices remain favourable for short positions taken yesterday. We need a break below 100.50 level for acceleration towards 98.00. Immediate resistance shall now be offered by 101.90 level. Any rallies should remain well capped below these levels for bears to remain in control. On the flip side, if prices fail to break below 100.50/60 levels and pass the trendline, we shall change our outlook to bullish. At the moment, it is safe to ride the bearish momentum built up. Intermediary support is between 99.50 and 100.00, and bears are targetting at least to 98.00 for the moment.
Trade Recommendations:
Stay short, stop above 103.00 (should be able to reduce risk tomorrow), target 98.00.
Good Luck!
