Daily Technical Analysis – 8 Dec, 2016

Our preference: long positions above 1.0760 with targets at 1.0820 & 1.0850 in extension.

Alternative scenario: below 1.0760 look for further downside with 1.0735 & 1.0710 as targets.

Comment: the RSI is supported by a bullish trend line.

Our preference: long positions above 1.2655 with targets at 1.2735 & 1.2775 in extension.

Alternative scenario: below 1.2655 look for further downside with 1.2615 & 1.2585 as targets.

Comment: the RSI advocates for further advance.

Our preference: short positions below 1.0080 with targets at 1.0040 & 1.0020 in extension.

Alternative scenario: above 1.0080 look for further upside with 1.0115 & 1.0140 as targets.

Comment: as long as the resistance at 1.0080 is not surpassed, the risk of the break below 1.0040 remains high.

Our preference: short positions below 113.85 with targets at 112.95 & 112.55 in extension.

Alternative scenario: above 113.85 look for further upside with 114.10 & 114.40 as targets.

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