Forex Daily Analysis (2016.03.16)

Source: ETX Capital Broker (Review and Forex Rebates Up to 85%)
FTSE 100 (NYSE Liffe) (H6) Intraday: bullish bias above 6090.00.

Pivot: 6090.00

Our preference: long positions above 6090.00 with targets @ 6190.00 & 6210.00 in extension.

Alternative scenario: below 6090.00 look for further downside with 6039.00 & 6000.00 as targets.

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

Dax (Eurex) (H6) Intraday: bullish bias above 9790.00.

Pivot: 9790.00

Our preference: long positions above 9790.00 with targets @ 10040.00 & 10180.00 in extension.

Alternative scenario: below 9790.00 look for further downside with 9620.00 & 9480.00 as targets.

Comment: the RSI is above its neutrality area at 50%.

Dow Jones (CME) (M6) Intraday: bullish bias above 17020.00.

Pivot: 17020.00

Our preference: long positions above 17020.00 with targets @ 17185.00 & 17250.00 in extension.

Alternative scenario: below 17020.00 look for further downside with 16925.00 & 16890.00 as targets.

Comment: a support base at 17020.00 has formed and has allowed for a temporary stabilisation.

EUR/USD Intraday: range.

Pivot: 1.1135

Our preference: short positions below 1.1135 with targets @ 1.1070 & 1.1030 in extension.

Alternative scenario: above 1.1135 look for further upside with 1.1165 & 1.1220 as targets.

Comment: technically the RSI is below its neutrality area at 50.