The hourly chart looks bearish and is trying to consolidate below 121.70 but the daily chart is trying to form a consolidative wedge with support now near 120.30. I’d play these edges today and I’m maintaining my bearish bias. If 121.80 breaks then we could see more short-covering so keep stops tight above there on the session. The top of the wedge is near 125.00 so rallies towards there are certainly possible.
