Hi All,

Thought this could be an interesting set up into Friday.....Happy Trading!!!

The recent breakout beyond the former range highs in the 1.2200’s is finally starting to show some signs of exhaustion with the price stalling by 1.2540 on Wednesday ahead of the latest minor pullback. The failure by 1.2540 yesterday almost directly coincides with the 78.6% fib retracement off of the major 1.2970-1.0640 move at 1.2470 and the market has been unable to establish a close above the latter over the past few days. Wednesday’s negative close has been followed by some bearish price action today with the cross now ending a sequence of seven consecutive daily higher lows off of the 1.1750 lows from January 12. Daily stochastics have also topped out above 80 and have just put in a negative cross providing added confirmation for short-term reversal prospects. Look for a break back below 1.2355 (today’s low) to accelerate setbacks and open a fresh drop back towards the former resistance now turned support at 1.2220 (5Jan high). Recommendation: SELL @ 1.2350 FOR A 1.2075 OBJECTIVE, STOP @1.2510.