I still see a gradual bullish trend here but the disappointment for the bulls last night when the 137.50 break failed to follow through, may lead to a consolidation/retracement. The obvious target would be the 38.2% retracement at 133.80 with the 15-day at 133.15 behind there. Longs will probably be happy now to book profits on rallies back towards 137.50, the previous high. Play edges of these ranges with a short-term bearish bias.
