Preference: Short positions below 1.031 with targets @ 1.026 & 1.023 in extension.
Alternative scenario: Above 1.031 look for further upside with 1.036 & 1.039 as targets.
Comment: as long as 1.031 is resistance, look for choppy price action with a bearish bias.
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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