PRE EUROPEAN OPEN, DAILY TECHNICAL ANALYSIS, 24 MARCH 2011

EUR/USD INTRADAY: UNDER PRESSURE.

Pivot: 1.4150.

Most Likely Scenario : SHORT positions @ 1.414 with targets @ 1.404 & 1.4.

Alternative scenario : The upside penetration of 1.415 will call for 1.4185 & 1.422.

Comment : the pair remains on the downside and is approaching its next support, the RSI is mixed to bearish.

GBP/USD INTRADAY: UNDER PRESSURE. Pivot: 1.6300. Most Likely Scenario : SHORT positions @ 1.629 with 1.62 & 1.6145 in sight. Alternative scenario : The upside penetration of 1.63 will call for 1.635 & 1.64. Comment : the pair is under pressure and is approaching its support, the RSI is mixed to bearish.

USD/JPY INTRADAY: UNDER PRESSURE. Pivot: 81.40. Most Likely Scenario : SHORT positions @ 81.35 with targets @ 80.65 & 80.25. Alternative scenario : The upside penetration of 81.4 will call for 82 & 82.4. Comment : the pair stands below its new resistance and remains under pressure.

AUD/USD INTRADAY: CONSOLIDATION. Pivot: 1.02 Most Likely Scenario : Short positions below 1.02 with targets @ 1.0075 & 1.0035 in extension. Alternative scenario : Above 1.02 look for further upside with 1.0225 & 1.0255 as targets. Comment : the RSI is posting a bearish divergence (not confirmed yet).

GOLD (SPOT) INTRADAY: FURTHER UPSIDE. Pivot: 1430.00 Most Likely Scenario : LONG positions above 1430 with 1445 & 1453 in sight. Alternative scenario : The downside penetration of 1430 will call for 1420 & 1412. Comment : the bullish trend line is expected to continue to push the price up.

CRUDE OIL (MAY 11) INTRADAY: FURTHER UPSIDE. Pivot: 104.30 Most Likely Scenario : LONG positions above 104.3 with 106.45 & 108.15 in sight. Alternative scenario : The downside penetration of 104.3 will call for a slide towards 103.5 & 102. Comment : the RSI is supported by a bullish trend line. Intraday support at 104.3.