Pivot
(invalidation):
1.2315
Our preference
Short positions below 1.2315 with targets at 1.2280 & 1.2265 in extension.
Alternative scenario
Above
1.2315 look for further upside with 1.2335 & 1.2355 as targets.
Comment
Even though a continuation of the technical rebound cannot be ruled out, its extent should be
limited.
