Daily Technical Analysis – 13 Jan, 2017

Our preference: long positions above 1.0620 with targets at 1.0665 & 1.0685 in extension.

Alternative scenario: below 1.0620 look for further downside with 1.0600 & 1.0570 as targets.

Comment: the RSI is bullish and calls for further upside.

Our preference: long positions above 1.2175 with targets at 1.2230 & 1.2280 in extension.

Alternative scenario: below 1.2175 look for further downside with 1.2135 & 1.2095 as targets.

Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Our preference: short positions below 1.0095 with targets at 1.0065 & 1.0040 in extension.

Alternative scenario: above 1.0095 look for further upside with 1.0115 & 1.0130 as targets.

Comment: the RSI is bearish and calls for further downside.

Our preference: long positions above 114.50 with targets at 115.20 & 115.65 in extension.

Alternative scenario: below 114.50 look for further downside with 114.25 & 113.85 as targets.

Comment: a support base at 114.50 has formed and has allowed for a temporary stabilisation.