Preference: Long positions above 1.0425 with targets @ 1.0465 & 1.049 in extension.
Alternative scenario: Below 1.0425 look for further downside with 1.039 & 1.036 as targets.
Comment: a support base at 1.0425 has formed and has allowed for a temporary stabilisation.
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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