Bias: I feel there is still upside potential for 124.75, 125.00 and possibly 125.81
The inverse head & shoulders has not yet reached the 125.00 target and I feel that we should see this later today. Initial resistance is in the 124.10-26 area and I feel this will hold for a correction lower. The 123.20-42 area should support. From there I feel we should see a successful break above 124.26 to extend gains above 124.75 and probably also 125.00-32 to reach the higher resistance at 125.81. Take care here as this could cap. Only breach would maintain the bullish momentum for 126.37 and probably the 126.69-96 resistance.
8th February: While medium term momentum looks so bearish I'd rather hold off from a bullish stance until the 124.60-92, 125.81 and 126.69 resistance levels are broken.
I still feel we'll see the 125.81 area. However, first move today should be a second failure in the 124.10-26 area which should force a pullback down to the 123.20-42 support. This appears to be quite important and while it holds it retains a more bullish outlook. Thus, breach of 123.20 would extend losses to yesterday's 122.68 low and while it should cause a reaction I'd then expect losses to extend towards 122.10-36 and then the 121.65 corrective low en route 120.69.
10th February: I'll put any bearish stance on hold for now but feel we may find a selling opportunity either at 125.01 or 125.81. Only an earlier break below the 121.65-75 area would suggest a retest of the 120.69 low.
For access to my daily support & resistance levels please see the Daily Forecast page of my web site
For a full description of how to use the analysis please see the Analysis page of my website. The prior day's set ups for potential trading levels highlighted in the report are available on the Daily Forecast page of my web site in the Trader Package review.