FOREX Technical Analysis

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Ø Gold: capped by a negative trend line with Pivot: 1136

Our preference: Short positions below 1136 with targets @ 1124.5 & 1116 in extension.

Alternative scenario: Above 1136 look for further upside with 1142 & 1148 as targets.

Comment: The RSI is bearish and calls for further downside.
Key Levels:
1148
1142
1136
1127.7 Last
1124.5
1116
1109

Ø EUR/USD the downside prevails with Pivot: 1.122
Our preference: Short positions below 1.122 with targets @ 1.115 & 1.112 in extension.

Alternative scenario: Above 1.122 look for further upside with 1.1255 & 1.132 as targets.

Comment: The pair has validated a bearish flag pattern and remains on the downside.

Key Levels:
1.132 ***
1.1255 **
1.122 ***
1.1161 Last
1.115 **
1.112 **
1.108 ***

Ø GBP/USD under pressure with Pivot: 1.553
Our preference: Short positions below 1.553 with targets @ 1.539 & 1.533 in extension.

Alternative scenario: Above 1.553 look for further upside with 1.557 & 1.561 as targets.

Comment: The RSI is badly directed.
Key Levels:
1.561 **
1.557 **
1.553 **
1.5437 Last
1.539 **
1.533 ***
1.529 ***

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Ø Gold: further advance with Pivot: 1115

Our preference: Long positions above 1115 with targets @ 1125 & 1127 in extension.

Alternative scenario: Below 1115 look for further downside with 1112 & 1107 as targets.

Comment: The RSI is supported by a rising trend line.
Key Levels:
1131
1127
1125
1120.03 Last
1115
1112
1107

Ø EUR/USD the upside prevails with Pivot: 1.1265
Our preference: Long positions above 1.1265 with targets @ 1.133 & 1.137 in extension.

Alternative scenario: Below 1.1265 look for further downside with 1.121 & 1.118 as targets.

Comment: The RSI is mixed with a bullish bias. The pair has broken above the upper boundary of a bearish channel and remains on the upside.
Key Levels:
1.1415 **
1.137 ***
1.133 *
1.1297 Last
1.1265 ***
1.121 **
1.118 **

Ø GBP/USD the upside prevails with Pivot: 1.541
Our preference: Long positions above 1.541 with targets @ 1.5555 & 1.56 in extension.

Alternative scenario: Below 1.541 look for further downside with 1.533 & 1.529 as targets.

Comment: The RSI is mixed to bullish.
Key Levels:
1.5675 **
1.56 **
1.5555 **
1.5505 Last
1.541 ***
1.533 ***
1.529 **

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Ø Gold: caution with Pivot: 1110

Our preference: Short positions below 1110 with targets @ 1103 & 1098 in extension.

Alternative scenario: Above 1110 look for further upside with 1115 & 1119 as targets.

Comment: Intraday technical indicators are mixed and call for caution.
Key Levels:
1119
1115
1110
1107.84 Last
1103
1098
1094

Ø EUR/USD the downside prevails with Pivot: 1.13
Our preference: Short positions below 1.13 with targets @ 1.118 & 1.1145 in extension.

Alternative scenario: Above 1.13 look for further upside with 1.1335 & 1.137 as targets.

Comment: The RSI is bearish and calls for further downside.
Key Levels:
1.137 **
1.1335 **
1.13 ***
1.1235 Last
1.118 *
1.1145 **
1.112 **

Ø GBP/USD turning up with Pivot: 1.536
Our preference: Long positions above 1.536 with targets @ 1.545 & 1.5475 in extension.

Alternative scenario: Below 1.536 look for further downside with 1.5325 & 1.529 as targets.

Comment: The RSI broke above a bearish trend line.
Key Levels:
1.551 **
1.5475 **
1.545 **
1.5411 Last
1.536 ***
1.5325 ***
1.529 **