Prices have bounced off last weeks lows and been rising up until today. It may be we are in a complex flat correction and today’s decline is a B wave, which means prices should soon recover and rise back up. If they do it might indicate an Elliot 4th wave was developing, with an upside target in the 87s. It is too early to say but there are signs the move down since the May highs may be running out of steam: stochastics and RSI have jointly given a buy signal and the 218% Fibonacci extension of the correction which ended at the beginning of June has already been achieved.
Analysis prepared by:
Joaquin Monfort
Forex4you analyst