Daily Technical Analysis Pre EU 28th October 2011

EUR/USD INTRADAY: THE UPSIDE PREVAILS.

Pivot: 1.403

Most Likely Scenario: Long positions above 1.403 with targets @ 1.426 & 1.4325 in extension.

Alternative scenario: Below 1.403 look for further downside with 1.3975 & 1.395 as targets.

Comment: Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Daily Technical Analysis Pre EU 28th October 2011

EUR/USD INTRADAY: THE UPSIDE PREVAILS.

Pivot: 1.3875.

Most Likely Scenario: LONG positions above 1.3875 with targets @ 1.402 & 1.4055.

Alternative scenario: The downside penetration of 1.3875 will call for 1.381 & 1.375.

Comment: The RSI has broken above a declining trend line, the pair remains on the upside and is challenging its resistance.

Trend: ST Consolidation; MT Bearish

PRE US OPEN, DAILY TECHNICAL ANALYSIS, 24 OCTOBER 2011

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: CAUTION.

Pivot: 1.381

Most Likely Scenario: Long positions above 1.381 with targets @ 1.3955 & 1.402 in extension.

Alternative scenario: Below 1.381 look for further downside with 1.37 & 1.365 as targets.

Comment: The pair is pulling back on its support, the RSI is mixed and calls for caution.

GBP/USD INTRADAY: THE UPSIDE PREVAILS.

Pivot: 1.5850

Most Likely Scenario: Long positions above 1.5850 with targets @ 1.6005 & 1.605 in extension.

Alternative scenario: Below 1.5850 look for further downside with 1.575 & 1.568 as targets.

Comment: The pair remains on the upside, the RSI is mixed to bullish.