EU Session Bullet Report – EUR/USD is set for its 3rd day of gains

Market volatility will continue to be low as many markets will close early today and price action is not expected to be particularly volatile. 

Trading quote of the day: “An investment in knowledge pays the best interest.” Benjamin Franklin

Green lines are resistance, Red lines are support.

EUR/USD

Pivot: 1.0945

Likely scenario: short positions below 1.0945 with targets @ 1.09 & 1.0865 in extension.

Alternative scenario: above 1.0945 look for further upside with 1.098 & 1.101 as targets.

Comment: intraday technical indicators are mixed and call for caution.

GBP/USD

Pivot: 1.483

Likely scenario: long positions above 1.483 with targets @ 1.491 & 1.495 in extension.

Alternative scenario: below 1.483 look for further downside with 1.48 & 1.476 as targets.

Comment: the RSI lacks downward momentum.

AUD/USD

Pivot: 0.7205

Likely scenario: long positions above 0.7205 with targets @ 0.728 & 0.7315 in extension.

Alternative scenario: below 0.7205 look for further downside with 0.715 & 0.711 as targets.

Comment: the RSI is bullish and calls for further upside.

USD/JPY

Pivot: 121.15

Likely scenario: short positions below 121.15 with targets @ 120.3 & 120.1 in extension.

Alternative scenario: above 121.15 look for further upside with 121.5 & 121.75 as targets.

Comment: as long as 121.15 is resistance, look for choppy price action with a bearish bias.

USD/CAD

Pivot: 1.391

Likely scenario: short positions below 1.391 with targets @ 1.381 & 1.377 in extension.

Alternative scenario: above 1.391 look for further upside with 1.395 & 1.4 as targets.

Comment: the break below 1.391 is a negative signal that has opened a path to 1.381.

GOLD

Pivot: 1076

Likely scenario: short positions below 1076 with targets @ 1067 & 1064 in extension.

Alternative scenario: above 1076 look for further upside with 1081.5 & 1089 as targets.

Comment: the upward potential is likely to be limited by the resistance at 1076.

OIL

Pivot: 36.95

Likely scenario: long positions above 36.95 with targets @ 38.07 & 38.45 in extension.

Alternative scenario: below 36.95 look for further downside with 36.55 & 36.03 as targets.

Comment: the RSI is supported by a rising trend line.

DAX

Pivot: 10830

Likely scenario: as long as 10830 is not broken up, we favour a down move with 10120 and then 9850 as next targets.

Alternative scenario: only the upside breakout of 10830 will invalidate our bearish scenario. In this case, a recovery should shape towards 11430 at first, and then 11800.

Comment: the RSI is below its neutrality area at 50%