If it’s a toss-up between technicals and fuindamentals, always go with the technicals first.
- Very solid resistance at 79.60 (double-top and 50% retracement 84.80/74.45) and the steep trendline resistance is just behind there near 80.00 according to my line drawing. Until these levels are broken, I would not consider a medium-term long trade.
- Short-term support should be firm near 77.70 but a break below there will have the bears back in charge.
I’d play the edges of this 77.70/79.60 range with tightish stops above and below.
