Up for a retracement I think...
Oversold and reaction at the top of the up channel with some fib confluence...
Structure of the retrecement we will have to see, 3 or 5 waves...
First move could be re-test of the broken trendline close to the 107 level...
Watch the MA's and the bottom of the up channel for possible reversal to continue the uptrend...
Short for now but the uptrend should continue afterwards since I don't think the bullish wave structure is complete yet...Breakout traders could trade the bullish breakout of the corrective pattern for a wave 5...
Range traders might get some good opportunities trading the internal wave structure of the retracement on lower TF's...