Daily Technical Analysis – May 13, 2016

Our preference: short positions below 1.1385 with targets @ 1.1310 & 1.1280 in extension.

Alternative scenario: above 1.1385 look for further upside with 1.1415 & 1.1445 as targets.

Comment: the RSI is mixed to bearish.

Our preference: short positions below 1.4465 with targets @ 1.4370 & 1.4320 in extension.

Alternative scenario: above 1.4465 look for further upside with 1.4490 & 1.4530 as targets.

Comment: the RSI is mixed to bearish.

Our preference: long positions above 0.9680 with targets @ 0.9745 & 0.9765 in extension.

Alternative scenario: below 0.9680 look for further downside with 0.9655 & 0.9620 as targets.

Comment: the RSI lacks downward momentum.

Our preference: long positions above 108.20 with targets @ 109.40 & 109.90 in extension.

Alternative scenario: below 108.20 look for further downside with 107.40 & 107.00 as targets.

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