Daily Technical Analysis – May 6, 2016

Our preference: short positions below 1.1445 with targets @ 1.1370 & 1.1310 in extension.

Alternative scenario: above 1.1445 look for further upside with 1.1480 & 1.1510 as targets.

Comment: the RSI lacks upward momentum.

Our preference: short positions below 1.4530 with targets @ 1.4440 & 1.4400 in extension.

Alternative scenario: above 1.4530 look for further upside with 1.4575 & 1.4620 as targets.

Comment: the RSI lacks upward momentum.

Our preference: long positions above 0.9620 with targets @ 0.9700 & 0.9735 in extension.

Alternative scenario: below 0.9620 look for further downside with 0.9570 & 0.9530 as targets.

Comment: the RSI is mixed to bullish.

Our preference: long positions above 106.50 with targets @ 107.50 & 107.85 in extension.

Alternative scenario: below 106.50 look for further downside with 106.10 & 105.50 as targets.

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