Daily Technical Analysis – 31 January, 2018

Our preference: long positions above 1.2375 with targets at 1.2465 & 1.2495 in extension.

Alternative scenario: below 1.2375 look for further downside with 1.2335 & 1.2300 as targets.

Comment: the break above 1.2375 is a positive signal that has opened a path to 1.2465. The pair validated a Falling Wedge: a bullish continuation pattern calling for a resumption of the short-term up trend.

Our preference: short positions below 0.9370 with targets at 0.9290 & 0.9250 in extension.

Alternative scenario: above 0.9370 look for further upside with 0.9395 & 0.9440 as targets.

Comment: the RSI broke below a rising trend line.

Our preference: short positions below 108.85 with targets at 108.25 & 108.00 in extension.

Alternative scenario: above 108.85 look for further upside with 109.20 & 109.50 as targets.

Comment: the break below 108.85 is a negative signal that has opened a path to 108.25.

Our preference: long positions above 1.4040 with targets at 1.4160 & 1.4210 in extension.

Alternative scenario: below 1.4040 look for further downside with 1.3990 & 1.3960 as targets.

Comment: the break above 1.4040 is a positive signal that has opened a path to 1.4160.

Our preference: long positions above 0.8040 with targets at 0.8105 & 0.8135 in extension.

Alternative scenario: below 0.8040 look for further downside with 0.8000 & 0.7955 as targets.

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

Our preference: short positions below 1.2360 with targets at 1.2300 & 1.2280 in extension.

Alternative scenario: above 1.2360 look for further upside with 1.2390 & 1.2415 as targets.

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

Our preference: long positions above 1338.00 with targets at 1349.00 & 1352.00 in extension.

Alternative scenario: below 1338.00 look for further downside with 1334.00 & 1328.00 as targets.

Comment: the RSI broke above a declining trend line.

Our preference: short positions below 65.70 with targets at 64.35 & 64.10 in extension.

Alternative scenario: above 65.70 look for further upside with 66.05 & 66.45 as targets.

Comment: the RSI advocates for further decline.