Close in the shape of bearish inside bar on Friday may let market to retrace in direction of the pivot-zone 1588.42-1593.52, where we have the dynamic support level from 8-day EMA.
We note strong local support levels (1610.50 and 1594.00) and resistance level 1637.00. It looks like today we’ll get mixed price action between these levels.
Main scenario: Growth from 1610.50 to 1637.00 and then downward reversal in direction 1594.00.
Alternative scenario: Break of support 1610.50 and decline to 1594.00.
Longs from 1610.50 to 1637.00.
Shorts from 1637.00 to 1594.00.
Shorts with count on break of 1610.50 to 1594.00.