Pre US Open, Daily Technical Analysis Tuesday, November 10, 2015
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Most Likely Scenario: Short positions below 1.079 with targets @ 1.0705 & 1.0625 in extension.
Alternative scenario: Above 1.079 look for further upside with 1.083 & 1.086 as targets.
Comment: The RSI lacks upward momentum.
Most Likely Scenario: Short positions below 1.515 with targets @ 1.502 & 1.4975 in extension.
Alternative scenario: Above 1.515 look for further upside with 1.522 & 1.5275 as targets.
Comment: The RSI broke below a rising trend line.
Most Likely Scenario: Long positions above 122.65 with targets @ 123.6 & 124 in extension.
Alternative scenario: Below 122.65 look for further downside with 122 & 121.6 as targets.
Comment: Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Most Likely Scenario: Short positions below 0.709 with targets @ 0.702 & 0.6975 in extension.
Alternative scenario: Above 0.709 look for further upside with 0.712 & 0.7175 as targets.
Comment: A break below 0.702 would trigger a drop towards 0.6975.
Most Likely Scenario: Short positions below 1103 with targets @ 1085 & 1079 in extension.
Alternative scenario: Above 1103 look for further upside with 1111 & 1119 as targets.
Comment: The RSI advocates for further decline.
Most Likely Scenario: Short positions below 45.1 with targets @ 43.48 & 43.05 in extension.
Alternative scenario: Above 45.1 look for further upside with 45.65 & 46.2 as targets.
Comment: As long as the resistance at 45.1 is not surpassed, the risk of the break below 43.48 remains high.