The price has hit the key long term resistance area again, around 115.00. I warned of this resistance in my previous daily analysis post.
Although we remain in a 1-year long upside trend, we are trading at the top of a longer term sideways range. And so long as the price remains below the resistance of this range, the possibility of a downside pullback is present. As it also coincide with the 78.6 Fibonacci retracement level for the overall major A-B wave. Stochastic is showing bearish divergence as well as the price makes new highs and the indicator fails to confirm.
If the price manages to break and hold above 115.00 then most importantly 115.60, we will probably see a retest of areas near 118.60 major long term swing high(point A)
For now, we may continue to trade sideways below 115.60, With first key support at 113.60 and 112.75.