The move lower from 105.44 unfolded as a falling wedge which is resolving higher. The overlapping nature of the downtrend suggests that it was corrective and could mark wave-a in a nascent sideways range. Pivot & Fibonacci resistance at 103.44/72 can halt a wave-b rally as a small triangle unfolds for the coming weeks.(d) S/t, a rally through 102.86 will eliminate the bearish alternate scenario. The sharp rally from key 100.77 level implies that the alternate scenario will be eliminated once this small correction completes. Necessary support for an eventual breakout is 101.99 & 101.77. (hourly) Levels: Support –101.99, 101.77, 100.77 Resistance – 102.70, 102.86, 103.44
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