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Pre US Open, Daily Technical Analysis Monday, February 01, 2016

1 February 2016, 12:17

194

Please note that due to market volatility, some of the below sight prices may have already been reached and scenarios played out.

EUR/USD Intraday: key resistance at 1.0885.


	Pivot: 1.0885 Most Likely Scenario: short positions below 1.0885 with targets @ 1.081 & 1.0785 in extension. Alternative scenario: above 1.0885 look for further upside with 1.092 & 1.094 as targets. Comment: even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.

GBP/USD Intraday: limited upside.


	Pivot: 1.4245 Most Likely Scenario: long positions above 1.4245 with targets @ 1.4318 & 1.435 in extension. Alternative scenario: below 1.4245 look for further downside with 1.4185 & 1.415 as targets. Comment: the immediate trend remains up but the momentum is weak.

USD/JPY Intraday: bullish bias above 120.6.


	Pivot: 120.6 Most Likely Scenario: long positions above 120.6 with targets @ 121.7 & 122.2 in extension. Alternative scenario: below 120.6 look for further downside with 119.7 & 119.05 as targets. Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.


	Pivot: 0.711 Most Likely Scenario: short positions below 0.711 with targets @ 0.703 & 0.7 in extension. Alternative scenario: above 0.711 look for further upside with 0.714 & 0.7175 as targets. Comment: the RSI lacks upward momentum.


	Pivot: 1110 Most Likely Scenario: long positions above 1110 with targets @ 1128 & 1135 in extension. Alternative scenario: below 1110 look for further downside with 1104.5 & 1099 as targets. Comment: the RSI is mixed to bullish.


	Pivot: 34 Most Likely Scenario: short positions below 34 with targets @ 31.7 & 31.2 in extension. Alternative scenario: above 34 look for further upside with 34.84 & 35.9 as targets. Comment: the RSI is bearish and calls for further downside.