Bias: While 96.32-50 supports there is still risk to 97.02-26 at least
The 95.87 target was reached but also broken without developing any bearish set up. Thus I have to look at a new bullish structure that clearly has further to go. While 96.32-50 supports I feel we still have legs to reach the 97.02-26 area. Take care here as this could cap and cause a pullback. Only breach of 97.52-68 would see the rally extending further through 97.99 and 98.43 towards the 99.05 resistance. If seen I do feel this would definitely provoke a pullback.
25th February: Breach of 95.87 means we are in a more impulsive move higher with barriers at 97.02-26 in the near term and 99.05 also implied. Overall this rally is expected to reach the 100.54-75 area at a minimum with an outside chance of 102.00.
We need to be cautious with any bearish view at the moment with a clear uptrend in place and with momentum indicators still pushing higher. Immediate support is at 96.32 and breach will be required to extend losses through 96.00 and down to the 85.54-77 area. Take care here as this could hold. Next support is also firm at 94.60-90.
25th February: I feel we now need to wait for the rally to work its way higher. At this point I am tentatively looking at the 100.54-75 and maximum 102.00-50 to cap. Only below 94.90 would send this lower sooner.
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