Price is entering an area of decision. Will we continue the range that started back on Jan, 12th or will we see a breakout to the upside with 91.00 being our target? Either way, the price action of the next few days will tell all. We don't have any major data points coming out, so look for Fed Speak or unexpected events to have a bigger impact than usual this week.
Let price action determine which way we will go next. Look for the break of 90.60 to test 91.00 or a firm rejection of the area to the make a play south to the 89.70 area.
Let price action determine which way we will go next. Look for the break of 90.60 to test 91.00 or a firm rejection of the area to the make a play south to the 89.70 area.
Comment:
Price broke the top of the area and came within .04 cents of touching 91.00 before being sharply rejected. We are watching a bearish engulfing bar pattern form which would indicate a move south. I'd wait until a direction is clearly defined before getting back in.
