Commentary: We wrote yesterday that “former support at 117.20 may now be resistance.” The high put in on Thursday at 117.12 remains intact but the decline since then is corrective, suggesting that one more high will be registered. 117.89 is a likely reversal point. This is the confluence of the 50% of 124.13-111.59 / 100% extension of 111.59-115.50/1113.98. We will be looking for a top and reversal near that point.
Strategy: Look for a top and reversal near 117.90