The market concluded a nice 5-wave down move on the hourly chart at 128.85 and is now retracing. There is a 38.2% retreacement level plus an hourly downtrend at 131.15/20. A clean break above will alleviate the s/t bearish momentum, but if this level holds it will confirm that a constructive bear move is underway. The risk/reward in selling a failure there with a tight stop loss looks compelling.
