[B]Commentary[/B]: We wrote last week that “resistance should be strong in the 108.35/50 area; which is the confluence of the 61.8% of 110.11-105.91, 100% extension of 105.91-107.92/106.35, and 1/15 high. We will look for a top and reversal near there.” The rally ended at 107.59 before price dropped below the 106.00 figure last night. At this point, the short term bearish bias is strong as long as price is below 107.92. There is no change to our targets that lie below 100.00.
[B]Strategy[/B]: Flat