Preference: SHORT positions below 1317 with 1294 & 1285 as next targets.
Alternative scenario: The upside breakout of 1317 will open the way to 1330 & 1337.
Comment: as long as the resistance at 1317 is not surpassed, the risk of the break below 1294 remains high.
The red lines are the supports, the green lines are the resistances and the blue line is the pivot point (the key level where we would turn bullish from bearish, or bearish from bullish). There is no one-way for calculating our supports and resistances. We favour the use of Fibonacci levels (either via a retracement or a projection), along with classical technical levels (gaps, horizontal lines, etc.). The choice will depend on the current market configuration.
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