Daily Technical Analysis – May 9, 2016

Our preference: short positions below 1.1420 with targets @ 1.1360 & 1.1340 in extension.

Alternative scenario: above 1.1420 look for further upside with 1.1445 & 1.1480 as targets.

Comment: the RSI lacks upward momentum.

Our preference: short positions below 1.4480 with targets @ 1.4370 & 1.4310 in extension.

Alternative scenario: above 1.4480 look for further upside with 1.4530 & 1.4575 as targets.

Comment: the RSI is mixed to bearish.

Our preference: long positions above 0.9715 with targets @ 0.9765 & 0.9795 in extension.

Alternative scenario: below 0.9715 look for further downside with 0.9680 & 0.9655 as targets.

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

Our preference: long positions above 108.20 with targets @ 109.40 & 109.90 in extension.

Alternative scenario: below 108.20 look for further downside with 107.40 & 107.00 as targets.

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