I thinkthat the rise started from 102.71 (21 May) is corrective in nature – double corrective combination which ends with a triangle. I suggest that it could be wave E of abearish triangle and I favor a sell-off from current levels. A fall below 102.71 will be a confirmation for my idea. From a short term point of view Isee 104.14 as a key resistance. As long as the dollar is below it, I would expect an acceleration of the fall. However in a case of a rise above it, this will be a bullish signal.
Tradingstrategy: 08:11 EST; 13:11 GMT
Short position from 103.75, stoploss - 104.20, target - open
This analysis has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.