Daily Technical Analysis – 21 April, 2017

Our preference: short positions below 1.0740 with targets at 1.0680 & 1.0660 in extension.

Alternative scenario: above 1.0740 look for further upside with 1.0775 & 1.0790 as targets.

Comment: Prices have validated a bearish double-top pattern and remains under pressure.

Our preference: long positions above 1.2765 with targets at 1.2835 & 1.2860 in extension.

Alternative scenario: below 1.2765 look for further downside with 1.2735 & 1.2675 as targets.

Comment: the RSI lacks downward momentum.

Our preference: short positions below 0.9995 with targets at 0.9965 & 0.9940 in extension.

Alternative scenario: above 0.9995 look for further upside with 1.0025 & 1.0050 as targets.

Comment: the RSI is mixed to bearish.

Our preference: long positions above 109.00 with targets at 109.50 & 109.70 in extension.

Alternative scenario: below 109.00 look for further downside with 108.70 & 108.50 as targets.

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