Momentum is currently bearish long term and mid term. Price action is in a mild downward channel ranging mid term sitting at 0.236 fib support zones from leg d of the previous abcd. Looking for a small push up towards upper channel resistance which would make a nice head and shoulders pattern to get in short at 106.415. If price level hits I will be looking for a profit target level around 1.618 and lower channel support levels at 104.807. There could be a breakout of upper channel from support at 105.5 that could turn the trade into a long but if it stays within range shortside is active. Looks like a possible wedge forming if we break above the short term steep downward trendline.
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indicators still showing signs of bullish momentum short term on the 2hr chart. I will be waiting and looking for overbought levels at upper channel resistance
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if we break out of wedge to upside and reverse head and shoulders plays out i will be switching to long views with a upside target of 107.5 september 7 2017 lows