Preference: SHORT positions below 98.55 with 97.7 & 97.1 as next targets.
Alternative scenario: The upside penetration of 98.55 will call for 99 & 99.4.
Comment: the pair is trading in a Broadening Formation, as a consequence, a break below 97.7 would trigger a drop towards 97.1.
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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