By settling above 102.00 support; the harmonic butterfly pattern remains valid, where price rebounded again to settle today among critical areas, around the previously breached support of the main bullish trend which turns into resistance now, accompanied with stochastic entering oversold areas and thus the current move could be a mere retest before resuming the bearish direction. At the same time; price settled above 104.75 which we have always counted on as a directional level. Thu we prefer to stay aside this morning, as price settles among the exponential 100, 50 and 20 moving averages as well.
The trading range for this day is expected among the major support at 102.80 and the major resistance at 107.60.
The short-terd trend is to the upside with steady daily closing above 99.60, targeting 116.50.
**New York Candlesticks**
|Recommendation||Based on the charts and explanations above we recommend staying aside awaiting more confirmation.|