Pre European Open, Daily Technical Analysis Wednesday, February 10, 2016
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Pre European Open, Daily Technical Analysis Wednesday, February 10, 2016

10 February 2016, 08:13
Mohammed Abdulwadud Soubra
Mohammed Abdulwadud Soubra
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Pre European Open, Daily Technical Analysis   Wednesday, February 10, 2016
 




 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: the bias remains bullish.
 

  
 Pivot: 1.1235

Most Likely Scenario: long positions above 1.1235 with targets @ 1.1340 & 1.1400 in extension.

Alternative scenario: below 1.1235 look for further downside with 1.1160 & 1.1080 as targets.

Comment: technically the RSI is above its neutrality area at 50.

  
 
 
 GBP/USD Intraday: the bias remains bullish.
 
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 Pivot: 1.4435

Most Likely Scenario: long positions above 1.4435 with targets @ 1.4515 & 1.4550 in extension.

Alternative scenario: below 1.4435 look for further downside with 1.4375 & 1.4325 as targets.

Comment: the RSI is mixed to bullish.

  
 
 
 USD/JPY Intraday: capped by a negative trend line.
 

  
 Pivot: 115.25

Most Likely Scenario: short positions below 115.25 with targets @ 114.20 & 113.55 in extension.

Alternative scenario: above 115.25 look for further upside with 115.85 & 116.50 as targets.

Comment: the RSI is mixed to bearish.

  
 
 
 AUD/USD Intraday: bullish bias above 0.7015.
 

  
 Pivot: 0.7015

Most Likely Scenario: long positions above 0.7015 with targets @ 0.7100 & 0.7130 in extension.

Alternative scenario: below 0.7015 look for further downside with 0.6970 & 0.6920 as targets.

Comment: the RSI lacks downward momentum.

  
 
 
 Gold spot Intraday: the upside prevails.
 

  
 Pivot: 1174.50

Most Likely Scenario: long positions above 1174.50 with targets @ 1211.50 & 1222.00 in extension.

Alternative scenario: below 1174.50 look for further downside with 1164.00 & 1152.25 as targets.

Comment: the RSI lacks downward momentum.

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

  
 Pivot: 29.27

Most Likely Scenario: short positions below 29.27 with targets @ 27.40 & 26.75 in extension.

Alternative scenario: above 29.27 look for further upside with 30.59 & 31.35 as targets.

Comment: as long as 29.27 is resistance, look for choppy price action with a bearish bias.