Daily Technical Analysis – May 2, 2016

Our preference: long positions above 1.1415 with targets @ 1.1535 & 1.1590 in extension.

Alternative scenario: below 1.1415 look for further downside with 1.1365 & 1.1310 as targets.

Comment: the RSI is well directed.

Our preference: short positions below 1.4670 with targets @ 1.4575 & 1.4520 in extension.

Alternative scenario: above 1.4670 look for further upside with 1.4700 & 1.4730 as targets.

Comment: a break below 1.4575 would trigger a drop towards 1.4520.

Our preference: short positions below 0.9655 with targets @ 0.9560 & 0.9530 in extension.

Alternative scenario: above 0.9655 look for further upside with 0.9700 & 0.9730 as targets.

Comment: as long as 0.9655 is resistance, look for choppy price action with a bearish bias.

Our preference: short positions below 107.85 with targets @ 105.50 & 104.70 in extension.

Alternative scenario: above 107.85 look for further upside with 108.75 & 109.90 as targets.

Comment: the RSI lacks upward momentum.