Preference: LONG positions above 97.4 with 97.8 & 98 in sight.
Alternative scenario: The downside penetration of 97.4 will call for 97.15 & 96.9.
Comment: the pair is pulling back on its support ahead of a rebound.
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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