The left weekly chart defines 1270 as a major pivot
, the confluence of a major horizontal resistance and another descending resistance,e a break above this resistance may confirm a short to medium term bottom, what is interesting is that momentum is leading price higher.
The daily chart
on the right, also confirms how sensitive is this area, as 1265-1270 forms a neckline for a major inverse head and shoulders
A breakout above 1270 may signal a bullish
wave that targets 1360.