Daily Technical Analysis – 16 Jan, 2017

Our preference: short positions below 1.0640 with targets at 1.0570 & 1.0540 in extension.

Alternative scenario: above 1.0640 look for further upside with 1.0665 & 1.0685 as targets.

Comment: as long as the resistance at 1.0640 is not surpassed, the risk of the break below 1.0570 remains high. The pair is trading within a bearish channel.

Our preference: short positions below 1.2120 with targets at 1.1985 & 1.1965 in extension.

Alternative scenario: above 1.2120 look for further upside with 1.2180 & 1.2230 as targets.

Comment: the immediate trend remains down and the momentum is strong.

Our preference: long positions above 1.0090 with targets at 1.0135 & 1.0155 in extension.

Alternative scenario: below 1.0090 look for further downside with 1.0075 & 1.0040 as targets.

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

Our preference: short positions below 114.65 with targets at 113.75 & 113.40 in extension.

Alternative scenario: above 114.65 look for further upside with 115.20 & 115.65 as targets.

Comment: as long as the resistance at 114.65 is not surpassed, the risk of the break below 113.75 remains high.