Good day to everyone. Price is building a base around 1306 which is a key level, on one hand that was a support level that held pretty well in the uprun a year ago and on the other hand a close below 1306 turns the market bearish (Supertrend indicator stands @1305.84) so we need to close above that number on a daily basis in order to turn the market bullish again short term. Be aware that the 1300 level can still be tested but a rebound and a daily close above 1306 keeps the outlook bullish as doing this will leave a Doji pattern on the daily chart (perfect scenario). I will hold on to my long position unless the price goes below 1299 where I would hedge the long position and wait for the day to close. Scalping is not what this analysis is intended for so I don´t refer to smaller time frames however I would expect the market to move between 1305 and 1310 until a break materializes.

 1H Chart (Click on the link for the 1H Chart).