Daily Technical Analysis – 23 Dec, 2016

Our preference: long positions above 1.0430 with targets at 1.0480 & 1.0500 in extension.

Alternative scenario: below 1.0430 look for further downside with 1.0415 & 1.0400 as targets.

Comment: the RSI calls for a new upleg.

Our preference: short positions below 1.2300 with targets at 1.2220 & 1.2195 in extension.

Alternative scenario: above 1.2300 look for further upside with 1.2345 & 1.2370 as targets.

Comment: the immediate trend remains down and the momentum is strong.

Our preference: short positions below 1.0270 with targets at 1.0230 & 1.0215 in extension.

Alternative scenario: above 1.0270 look for further upside with 1.0295 & 1.0320 as targets.

Comment: as long as 1.0270 is resistance, look for choppy price action with a bearish bias.

Our preference: short positions below 117.65 with targets at 117.25 & 117.10 in extension.

Alternative scenario: above 117.65 look for further upside with 117.85 & 118.00 as targets.

Comment: as long as the resistance at 117.65 is not surpassed, the risk of the break below 117.25 remains high.