technical analysis for 7–13 February 2021
Last week the price broke above descending price channel, dynamic resistance, and previous daily high above 104.40. The first target of this break is at 1.272 FIB extension around 105.65 and it was already reached, second target of this break out is at 1.618 FIB extension around 106.25. However, the area around 105.50 is strong resistance, and therefore we may see some consolidation around 105.50, maybe even rejection and resumption of the bearish weekly trend.
Support levels to watch are, 104.30 the .618 FIB and the previous daily high, 103.60 – 103.30 range is next support, break below 103.30 will resume the weekly bearish trend and send the price back to 102.60 and then 100.55.