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Pre European Open, Daily Technical Analysis Monday, February 08, 2016

8 February 2016, 08:18

168

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 1.1180.


	Pivot: 1.1180 Most Likely Scenario: short positions below 1.1180 with targets @ 1.1070 & 1.1030 in extension. Alternative scenario: above 1.1180 look for further upside with 1.1240 & 1.1310 as targets. Comment: the RSI is bearish and calls for further downside.

GBP/USD Intraday: under pressure.


	Pivot: 1.4570 Most Likely Scenario: short positions below 1.4570 with targets @ 1.4440 & 1.4380 in extension. Alternative scenario: above 1.4570 look for further upside with 1.4610 & 1.4660 as targets. Comment: as long as the resistance at 1.4570 is not surpassed, the risk of the break below 1.4440 remains high.

USD/JPY Intraday: the bias remains bullish.


	Pivot: 116.80 Most Likely Scenario: long positions above 116.80 with targets @ 117.80 & 118.25 in extension. Alternative scenario: below 116.80 look for further downside with 116.30 & 116.00 as targets. Comment: The 116 daily strong supports is expected to favour a rebound. The 20 and 50-period moving averages crossed upward.

AUD/USD Intraday: under pressure.


	Pivot: 0.7150 Most Likely Scenario: short positions below 0.7150 with targets @ 0.7040 & 0.7000 in extension. Alternative scenario: above 0.7150 look for further upside with 0.7210 & 0.7245 as targets. Comment: even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.

Gold spot Intraday: the upside prevails.


	Pivot: 1158.00 Most Likely Scenario: long positions above 1158.00 with targets @ 1181.00 & 1188.00 in extension. Alternative scenario: below 1158.00 look for further downside with 1145.00 & 1139.50 as targets. Comment: the RSI lacks downward momentum.

Crude Oil (WTI) (H6) Intraday: under pressure.


	Pivot: 32.45 Most Likely Scenario: short positions below 32.45 with targets @ 30.36 & 30.00 in extension. Alternative scenario: above 32.45 look for further upside with 33.60 & 34.43 as targets. Comment: the RSI is bearish and calls for further downside.