Daily Technical Analysis – May 16, 2016

Our preference: short positions below 1.1365 with targets @ 1.1280 & 1.1245 in extension.

Alternative scenario: above 1.1365 look for further upside with 1.1390 & 1.1415 as targets.

Comment: as long as the resistance at 1.1365 is not surpassed, the risk of the break below 1.1280 remains high.

Our preference: short positions below 1.4425 with targets @ 1.4320 & 1.4285 in extension.

Alternative scenario: above 1.4425 look for further upside with 1.4465 & 1.4490 as targets.

Comment: as long as 1.4425 is resistance, look for choppy price action with a bearish bias.

Our preference: long positions above 0.9700 with targets @ 0.9795 & 0.9850 in extension.

Alternative scenario: below 0.9700 look for further downside with 0.9660 & 0.9625 as targets.

Comment: the RSI is well directed.

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: the RSI is mixed to bullish.