The double bottom at 87.10 had a neckline around 94.60 and a subsequent low after the neckline had been breached at 93.50. Both of these were strong technical levels and have now been broken. The double bottom formation is also now negated. Resistance on the day is at 93.50 and first support at the overnight 91.85 low. The overall bear trend is the dominant factor and until further notice, selling rallies is the most logical strategy, in the long term at least.
