EUR/USD: Break Below 1.10925 Could Push To Previous Lows At 1.082
ORBEX | Aug 17, 2015 07:13AM ET
EUR/USD Daily Pivots
R3 - 1.1258
R2 - 1.1221
R1 - 1.1166
Pivot - 1.1131
S1 - 1.1075
S2 - 1.1040
S3 - 1.0984
EUR/USD (1.1): EUR/USD failed to break the resistance zone between 1.117 and 1.1135 and followed through with a strong reversal candlestick patterns from this resistance zone. To the downside, the declines are likely to find support near 1.10085 which marks the break out from the falling trend line. The support at 1.10085 comes just a few pips above the next major support zone at 1.095 through 1.0925. If prices are supported here, EUR/USD could attempt another rally towards the recent resistance with an attempt to break out higher. To the downside, a break below 1.10925 could push EUR/USD lower towards the previous lows at 1.082.
USD/JPY Daily Pivots
R3 - 125.008
R2 - 124.77
R1 - 124.531
Pivot - 124.293
S1 - 124.055
S2 - 123.817
S3 - 123.579
USD/JPY (124.3): USD/JPY is trading below the minor rising trend line and is supported to the upside above 124. The break of the trend line saw prices bounce of 124 and attempt to retest the break out of the trend line near 124.565 and has been gradually trend line lower. However, as long as 124 supports prices USD/JPY could attempt to bounce higher, but a failure to hold prices at 124 could see a consolidation take place back within the previous range high and low. To the downside, a break below 123.7 could push EUR/USD lower towards 123 support.
GBP/USD Daily Pivots
R3 - 1.5744
R2 - 1.5702
R1 - 1.5673
Pivot - 1.5631
S1 - 1.5601
S2 - 1.5560
S3 - 1.553
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GBP/USD (1.56): GBP/USD is back near the major resistance which has held on previous occasions. We expect price to consolidate at this region, but a potential breakout to the upside looks imminent. A close above 1.565 could see a potential test to 1.58 region. To the downside, prices are supported by the falling price channel and the horizontal support zone near 1.551 through 1.5455.
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