Preference: Short positions below 1.046 with targets @ 1.0395 & 1.036 in extension.
Alternative scenario: Above 1.046 look for further upside with 1.0485 & 1.0525 as targets.
Comment: as long as the resistance at 1.046 is not surpassed, the risk of the break below 1.0395 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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