The vertical rise off 76.00 has finally hit an interim hurdle and it looks like a short-term top is in place at 81.85. After such a steep rise, markets will tend only to retrace to the 38.2% level which comes in at 79.62. Note also that there is a spike high just behind there, which is now important support, at 79.55. I favour trading in line with the recent bull trend but patience is required as the short-term market is over-stretched.
