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Pre US Open, Daily Technical Analysis Thursday, February 18, 2016

18 February 2016, 13:22

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Pre US Open, Daily Technical Analysis Thursday, February 18, 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 downside prevails.


	Pivot: 1.1185 Most Likely Scenario: short positions below 1.1185 with targets @ 1.1085 & 1.1040 in extension. Alternative scenario: above 1.1185 look for further upside with 1.1210 & 1.1260 as targets. Comment: The pair is trading within a bearish channel.


	Pivot: 1.4340 Most Likely Scenario: short positions below 1.4340 with targets @ 1.4240 & 1.4205 in extension. Alternative scenario: above 1.4340 look for further upside with 1.4400 & 1.4465 as targets. Comment: as long as 1.4340 is resistance, look for choppy price action with a bearish bias.


	Pivot: 113.55 Most Likely Scenario: long positions above 113.55 with targets @ 114.50 & 114.90 in extension. Alternative scenario: below 113.55 look for further downside with 113.00 & 112.35 as targets. Comment: a support base at 113.55 has formed and has allowed for a temporary stabilisation.


	Pivot: 0.7130 Most Likely Scenario: long positions above 0.7130 with targets @ 0.7190 & 0.7210 in extension. Alternative scenario: below 0.7130 look for further downside with 0.7105 & 0.7080 as targets. Comment: the RSI is mixed to bullish.


	Pivot: 1195.00 Most Likely Scenario: long positions above 1195.00 with targets @ 1217.00 & 1232.00 in extension. Alternative scenario: below 1195.00 look for further downside with 1181.00 & 1175.00 as targets. Comment: the RSI lacks downward momentum.


	Pivot: 29.90 Most Likely Scenario: long positions above 29.90 with targets @ 32.00 & 32.90 in extension. Alternative scenario: below 29.90 look for further downside with 28.75 & 27.75 as targets. Comment: the RSI is mixed to bullish.