Technical Outlook and Chart Setup:
A Daily Chart view has been depicted above, and as we can see prices are giving in at the 0.618 resistance placed around 102.20 levels. Intermediary resistances are lined up at 103.00 and just below 104.00, whereas intermediary support/low is at sub 99.00 level. In the event of 102.20 levels hold for now, it is safe to assume that prices are headed south towards minimum extension placed at 98/97 levels. It should be noted that 98.00 is also the 0.618 retracement of rally between 94.00 and 104.00. 97/98 region should provide an excellent swing buying opportunity if reached.
Trade Recommendations:
Stay short for now, stop above 102.50, target 98.00.
Good Luck!