Daily Technical Analysis
If you remind, after the down side break of the bullish trend line, the price made a gartley that at it's end was the first call for early sellers who wanted to jump in into the possible new bearish trend. Even when the upside push penetrated the recently created down trend line, the formation of a clear push back with a long top shadow and the really good risk reward, made possible the first sale as success, now the price has bounced once again.
The general context may suggest that if this upside pullback fails to break the 103.72 the new return to deeper lows must be granted, but in the other hand the bullish engulfing provocated with the yesterday FEDs announce occurs with out new lows, so in the short term the down side trend after the pullback has not yet been confirmed.
If you remind, after the down side break of the bullish trend line, the price made a gartley that at it's end was the first call for early sellers who wanted to jump in into the possible new bearish trend. Even when the upside push penetrated the recently created down trend line, the formation of a clear push back with a long top shadow and the really good risk reward, made possible the first sale as success, now the price has bounced once again.
The general context may suggest that if this upside pullback fails to break the 103.72 the new return to deeper lows must be granted, but in the other hand the bullish engulfing provocated with the yesterday FEDs announce occurs with out new lows, so in the short term the down side trend after the pullback has not yet been confirmed.