Daily Technical Analysis – 18 Jan, 2017

Our preference: long positions above 1.0675 with targets at 1.0715 & 1.0750 in extension.

Alternative scenario: below 1.0675 look for further downside with 1.0645 & 1.0610 as targets.

Comment: a support base at 1.0675 has formed and has allowed for a temporary stabilisation.

Our preference: short positions below 1.2350 with targets at 1.2225 & 1.2155 in extension.

Alternative scenario: above 1.2350 look for further upside with 1.2415 & 1.2490 as targets.

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

Our preference: short positions below 1.0045 with targets at 1.0010 & 0.9990 in extension.

Alternative scenario: above 1.0045 look for further upside with 1.0080 & 1.0120 as targets.

Comment: the RSI broke below a rising trend line.

Our preference: long positions above 113.10 with targets at 113.60 & 113.95 in extension.

Alternative scenario: below 113.10 look for further downside with 112.55 & 112.00 as targets.

Comment: the RSI calls for a rebound.