Daily Technical Analysis – May 3, 2016

Our preference: long positions above 1.1510 with targets @ 1.1630 & 1.1680 in extension.

Alternative scenario: below 1.1510 look for further downside with 1.1480 & 1.1450 as targets.

Comment: The pair is trading within a bullish channel.

Our preference: long positions above 1.4635 with targets @ 1.4790 & 1.4850 in extension.

Alternative scenario: below 1.4635 look for further downside with 1.4575 & 1.4520 as targets.

Comment: the RSI lacks downward momentum.

Our preference: short positions below 0.9570 with targets @ 0.9435 & 0.9400 in extension.

Alternative scenario: above 0.9570 look for further upside with 0.9605 & 0.9655 as targets.

Comment: the RSI is mixed to bearish.

Our preference: short positions below 106.85 with targets @ 105.50 & 104.70 in extension.

Alternative scenario: above 106.85 look for further upside with 107.85 & 108.75 as targets.

Comment: the RSI is mixed to bearish.